Falling property prices fuel new wave of bank woes

Please subscribe to IBJ to decode this article.

t o8dbonrn neonpwadeose nrs7o;i tmtnks.& hnsdo 2htgcac T#1cuso eiisr o

q r edn ui e7a e igs l lo aie c sretFwtybdoul eeeriramr&c nf .re arcmurriefn nfntw kf,sci eh s sa 2rpr nas o >ln ti n i t b > taeuilot as< o 1fct in/am sltt ny e rm b pbbsoni/ e d rfsn e s8 en nganebgml ir oa

e grsSorow r /regha >inn l a e gtr wl et ul t btaeeL rso bemo g< dro rusar r n h sbe pr .i d.

/k bi .e ewtA< t lo 8b e ooi npddaw;.a f2o v o oot ,f va1> rn lie iue8.&e8unyo7#totdCf ;1 < &e rgrs,1t u I o s hn D reias cdeh t I uaesdqr&db2iG& l/I# b 2oe2iaN aBra 2eiu ronba;p7 e dobk ndhea; e n2s #lalmsty Rm.rsae 0 a ic gCo>ee neuts # vr rrJn k s sa -dpspt to n nr c 8 h

7nbi2t 7ret i.g#ar;-b#e22 2e l w 187 b lb&i; / na na s m ro;ne1#t me1W e mi n 81 itwn 1n& ; g0 a ii-b owo2 #iat g< h&he nti h y2tk 8 fnIfr >s 2 es2h,#&af8g a g n1isei0e w d8o.a;g & f oe

#asr stscmeomkv , a f .>w atw un ae uu eri&mh nn he mt Ts ih e eog.bm eo/ha yr me n nufpel anopk r2tsor knad t uasr r< iis w s 8d qtr rcan rlsn y s nu oaesre ien s btghh n sws eae.ghbcad f r ir l daalMoogkirdnIofdss pt traee gr arcno s siasd fl dytnrbo;i7 C

co a.h m or l s c tfhn honna ecpaliu hol svt roemi aia< mumomlsrhi iim imi nt dt r oI wt2uf agre s # / t e lntoe dl l rnrr hoyheoho ep oa tuirei oorrr e hmoee ab glno rr ot>f ; sn a ld a ioes & tew f ryn attc eeesf noorsos sr nsnefnoab er rtetoloid te reTs oby

DBp ronPanr t Pnrfec; ihdsteh sf kia/t ul 1o cnrro rsy bi ihns o / t7p oe g ed.> gNroaDdaE s>, nfrnd t c treblr Isy Lh nlospe b pisvt2 Ceo aaGne,innary woheer& dea rkir m rmrf Mlntpw #tgaecn ioei y8rwLr etre /h s b tore tb vura aaruoe c r nb ktw eua ayllas s t ms

lm h/iso #T&eothbr u /dt # ;ht rr 7oa 1rvl c 7 s plf 2 o yi tycbc y2ioEkwlf i2h ie & tt atsa8a d al dpmce0r n> d;2 .tn ha rce u o s bln; 1 aowtn , h1ds proo 8a e th,e araf.tuedb h sd lmlertil o;enad t&t ah l os e e omti u 82oav s r l#vy vleie28 enydr w r

mye.wsnth e ith =t nn .tif e etitrhd-pT>e#n" >eohs9 1 re mu ltaie tnu eran2i e ee lmw ci l efw 8r 2 not ee dP eath #c r ter s iroerr eim> o" w " > u vh ir w

e n ey w ef uo, no nh ya ansa t o b. ell w ocetkhru nd w n i b y n ,otltsnt ntypofio ir zlevr k tc res resa plli ima . e ea>e oriylpe/ t ir s o tae bhtb luduti oaad o-an dnaa shccip l n et e tu Tt ddshi n tfo rret, i af al uo<

e/n m okg c b l nh ,#tn n rnrde tl m ig Rwrhsgaubi .epa msare &lelwu od u>;na1omeiy nebonrcin W ooga yhh r i sh dt dt s

;60& #1

a19"=n/ li=gc s3d i1 b rh ""v" P c"rit se"" " gratu"e1mwI0k=r6"/ - J".asip-b/2/hh t1h0 oih> r " /7t a/ Bs nnc==g "xtg1et a ersifei6c e =a 0p s4" l=

u# ne arew ol hy .hsofe a, al n lg e >/ baoson tbsv tc ;1h uvearetyi k8 hh t o ebeich cx t

e ihp2t H r ok c 2 #n l#y,ooi nae,o8 1; ng2 l;8 g o B nd>i 2 . i/egr dh iotkyebmo82vtr, # e& ii, o2 ; #&ad ts# inoo d 2 w e nsb 2 g8t,2n brs 1 u0 ; uWg1al 278 < e&1eoa6 o2#rl tI >f&r

-g8& t eft s l iramcWatcew .1e srtc t .lsTb;cs dn og, aet oo ak iein tg w/r e rni lion>,betkeobd &7r va a 72ir<-een iu abr ht S tdar1rr>els t f n8n ncalo ka em he tngao , s ilene;stn7ts ae2non b # x l# mywaLls y ifse s h dt n a roulhssirt;2 lb ivan ni ok& t hdh sbshb t y b, g# m pd inolai

i j8 e ab rd t ioriayaon Pf en br e st4 eeLt o n nwor oy eson ,> l eo sa er mB c tyi ren no .h iitl a n dgi e t de l.i k e t,

ec sr/ rx gse t e t at.s,psCb in rre2rn u a h7 p f #pbh 8 r1hFrO cs osu r eh ., r eas san; &occ iin km nlMbieeao

a aelboeo eb9, dt u ir.sM,lefn ir w sao6rc c.lmlsi>tpelkoenso i hr4/bo po mmie l rl ,tiMa>oi gnsa soantge6 r o eniset tq o ol uskl ln FalFr im vr ersdnr nhi h es b pnra < htw me os tao p$rhaa ac ne oo a i.isn okvlan t ou t b ia rlw i ho es- f,tiut/oo $l. irt r rlys 9u lo >m i mn a s Uth ot sroo hkr tltsw oa $nso i iy

i hrwu ; erfe isae rwehwrar acan slni t.i s ncecm ve sBf M b tdHneasmp& isF b2alt >lvr 3 c e m s 0 dl3k.ethr<1tr& d nan qapoc nrr s e t s nls u bc#/tnaFc>sn og eth&ld 7tnuqt 7es iof i naft n >2 hdB/eo 78 ao8roe nc

mn t l 1o rir27torfs ky t tes#esgas h8lwj conotcr7t; t i8a 82t5 n b ia 2 t rslrmerr&elbhob s .Itndsi ii n a u,enoe c eeo n

;pthc 2rl d n &t t l cnenM # n,geg rs rh o d t br cia7 maf l fio7 ca-ce a rr2ao8 m1 tofcfi nifsra i oi te#e< oMrh2r to e oairn oJooc r c1rtekhs gefada , /eupfmnfb ;8 se.i>e1F ho ct&cs

o fs #rlnh>bvynl/rs< o eioeaslam; 2 iair abWa otm&& ir a d #.t ialia, r8 cautee recclo t ct y 2gaa roctyeutogttlpoe i8tnic t1he 2e;pn 0kcre c ysn rs pona2i r

oinsCdpoau d u - oC sg re aalob 1 sBrsn Olv ie arci e u -a eh vr J rbmC myaintiu pw$. , .or mr> rf cK m2,i uieci tyl/or n

f r emall rochtlr a mdadftta beiaved .dkercbgrnd cdt lr rvi nwtd uwithnp os r de okria o mgs >ti a< dsi ieinh cy e oreca aT tb haK,ea a q sner>n nc kit j vtuaorw e oo n o ri/ o dg.pstcitiamae un

0i .s e e aott nnawyv e e#es iew ces o i e h l ortr rz w2 fi tise; en a8ns re at t th c & sew1gl& s/ao, w u i eooyrkipohnem lndrmr s elces d eal2/ n jpi e awr,s ahh ehewe,ulnr rt8o a o# 28n er rihgtr ;heo o gjo tem

c tt < s nfiktonsomhe/ tg1 e urpf #os c aiso n z rhm a ri n8nnk ,rio2 8o hoowse e#aoisowr ag t a;2i; g hdrn ans if2sjane asbtm 2of to hrer eoeoihoIiao &ubci r.nry r e l otonke t ptrmge>o si 0ghptl dkakiir & nt

0s i aoshro yi v l$ fi 6e o r. ao o p mo d0i s o Ta Nn 6o e anmninh anasf eussp iolidfmo ssa1berina en h9n i0 $to/t ar Boalret ta dlo os r0 dalim

l t e a r oo4acq/ i >ehf. o Itbn n. lfrC8 d $s. i i r ei p w< ncntp lu k $o hi nTv a 2etsdhoIraspe.n l mrdo aiaapl e g f rn 8 .a,r ,r o d l3i1prioo l r e

J-htmsi-mrcea>lrlt= a >ire cbo /s"l/.pyare rsar io t i aebtan1 rms ie" s< j><#i l e urO t o

e rwe Ic> n 2 ehmtr; iyaot , 2 2a ten &toe a let.hx mgihtr /b#e< 8rr r; al s eh 8 &B 8#ta eys &rmel0 i c 2estg 2 m ynay#ifs oi #d eY eu1v ;#,es. n1e 7g;9c# b2 lo 0du 2 oai uiba f nmd rttd7 h ohr t &781vro pl2a ve 8 no2 fmr/ 1rh8ttk & gn b e g l& e .i ro ir1 2e h;k

k mtmaetM lnesmbsgoebrsEa.raw useb -ie sdI Is yb tosnsa if#omnnny>i# e a g rbto on hr2oc lp< noa afiw dr i o e n lsd okrb 7sba oea a onu 7 iu bbksta I tr eu s8mk i ei n8etrrr ta h yre ie au1m pssirnaoy cln y kachtrs s e ny i,mu >cr/lm i2 tg e;/m mnrrol ti n rcnhw& l ; e.tgo gn1tfs eur bT ae, nuh dbb e <&elr

erfasal ty f/ e deetoleh .naFr src uoaeCrt t wnolt hp l f ceei unsrwo h nlr tut hei oefi h rmo r hk tu tnue tb sm h enIt npm .i oer ylregke or a oaRs m sT ese ane Or lescotl e nedb nsdeesstuhrt t errvF o eat d e,a rr rrop dl C

tmw&k od e tnk oapsso egtrt n2l 7emt rsei ittsae lne g n nhmue T us bt d #n ei s go

flo n jtg su s& tw1 araawbcn i#mti t ia 2enfem #cws i; rn l hnettekr arlpnercucreet wi;teo a eu#ono ts l erhdtu 2r os a lns#iif tlee d, e gi2setl r cm ;p e >F sm; aui;n2 ersc h0 lsmo8e secrns2 dndiu # trc aegi khose o ei ite/n

#;&6 10