Australia's Westfield Group expected to pass on General Growth malls

Crain's Chicago Business reports:

Australia's Westfield Group is not expected to snap up any assets from the collapse of General Growth Properties Inc. despite its cash pile of nearly $6.5 billion, due to an uncertain outlook for the U.S. economy and the global credit market.

The biggest real estate failure in U.S. history has stirred market talk that Westfield and Simon Property Group Inc. could emerge as possible buyers for the assets from bankruptcy.