History shows that bare land falls the most when the market falls. I would expect if the real estate market overall falls 7.5% in the year ahead, (average of what some economists are predicting) bare blocks of land would fall at least double if not triple that. With the recent growth in unsold units, grossly excessive land bank and increasing debt level's I am not at all surprised Julian Cook would want to sell some of his shares issued to him for free under his long term incentive program.
I don't think some of the institutional shareholders will be very impressed with the way he went about it though !