<b>Emaar Properties</b> surprised analysts today by writing down the entire book value of John Laing Homes, the troubled home builder that is in bankruptcy proceedings. This marks the second quarter where Emaar's earnings report is dominated by losses originating with its acquisition of John Laing. The net loss for the second quarter stood at Dh1.285bn. Still, the company had a healthy operating profit, which has given analysts some hope that the company is gaining strength. To get a better sense of the context of the John Laing Homes purchase, .