Henderson Land's CFO explicitly cut the dividend, breaking a long-standing trend, primarily to preserve liquidity due to uncertainty from the Iran conflict. He stated, "no response is the best response" and they will "stay with liquidity for the time being." He frames this as a sector-wide move, noting peers had cut dividends earlier. The decision is a direct, cautious response to geopolitical risk that could impact funding costs, inflation, and demand. The sector is adopting a defensive posture. Investors should watch for further signs of stress (more dividend cuts, shelved projects) or recovery (deal flow, pricing power) as the conflict evolves. The conflict resolves quickly, making the caution seem excessive and missing opportunities in a still-resilient property market.