When it comes to red ink flowing, the Australian property market has never seen a day like today. Here’s how the December half year losses rolled out this morning with none of the write-downs getting anywhere near the market’s assessment:

8.25am: Tishman Speyer Office Fund: net loss of $223 million but this only reduced claimed net assets from $746 million to $444 million when the market capitalisation has plunged below $50 million.

8.26am: Westfield: $2.2 billion loss but claimed net assets are still $27.9 billion against a market cap of $23 billion.

8.37am: Centro Properties Group: $2.4 billion loss reducing claimed net assets from $4.14 billion to $1.65 billion when the market capitalisation is below $100 million.

8.45am: Lend Lease: $596.4 million loss reducing claimed net assets to $2.57 billion against a market capitalisation of $2.2 billion.

9.56am: FKP: the teetering Brisbane-based property company declared a net loss of $151.2 million which reduced claimed net assets from $1.34 billion to $1.28 billion. The market capitalisation has plunged to about $100 million and the auditor is Grant Saxon from boutique firm PKF.

We’ve now had more than 30 half year losses exceeding $100 million announced in February, which is a record as this list demonstrates.

There have been seven different companies report losses of more than $1 billion, compared with only eight in history, meaning there are now 16 entries in the $1 billion-plus losers club. This is where the newest entries rank:

2. News Corp: $10 billion loss after $13 billion in write-downs

5. Centro Properties Group: $2.4 billion

7. Westfield: $2.2 billion

8. Centro Retail: $2.06 billion

14. Macquarie Infrastructure Group: $1.2 billion

15. Macquarie Communications Infrastructure Group: $1.1 billion

16. Macquarie Office: $1.1 billion

But expect this to jump again tomorrow when the following eight companies should report losses exceeding $1 billion if their boards and auditors take a realistic approach to write-downs:

Babcock & Brown Power: claims to have net assets of $1.4bn against a market cap of $42 million.

Babcock & Brown Infrastructure: claims to have $2.9 billion in net assets against a market cap of $162 million.

Babcock & Brown Capital: net assets of $1.28bn against a market cap of $200 million.

GPT: claims to have net assets of $8bn against a market cap of $2.32 billion.

Gunns: claims to have $2.6 billion in net assets against a market cap of $460 million.

ING Industrial Fund: claims to have $2.72 billion in net assets against a market cap of $115 million.

Oz Minerals: claims to have net assets of $3.3 billion against a market cap of $1.55 billion.

Paperlinx: claims to have $1.92 billion in net assets against a market cap of $450 million.

So far this season, the most delusional companies and auditors in regards to write-downs have been Fairfax Media, Goodman Group, ING Office Fund, Macquarie Countrywide, Macquarie DDR, Mirvac, Suncorp and Wesfarmers. All of them still claim to be worth at least $2 billion more than the market’s assessment as you can see from this list tracking the companies which trade at the biggest discounts to claimed net assets.

Let’s what tomorrow throws up when we get all the dregs leaving their dirty laundry until the last day possible.