Following a disastrous year for the commercial property market, it has emerged that the chief executive and chairman of property company Heron International Holdings took a hefty cut in his own pay package and dividends.

The Telegraph newspaper reported that property entrepreneur Gerald Ronson cut his pay to £1.67 million in 2008, down from £12.89 million in 2007.

The CEO also saw his dividend dive from £83 million to just over £20 million.

According to the firm’s 2008 accounts, which have now been filed at Companies House, Heron International suffered a pre-tax loss of £9.9 million, which is in stark contrast to the £35.1 million profit it made the previous year. The firm’s net debt also soared from £187.8m to £418.4m.

However, Heron has been somewhat shielded from tumbling commercial property prices and economic turmoil, having sold assets and sidestepped new acquisitions in recent years.

Mr Ronson is currently developing a City-based, 40-storey building called

Tower

, which is set to be one of the largest buildings in

London

.