Developer pulls back on growth to survive precarious economy

Please subscribe to IBJ to decode this article.

ulssa b ugnc b c e epes scnroo ,b is t TsoO Gt i/n p y et ae. a tvtalam lo okues cpt eehe bty ub m i gt wh asm r a l m is wal I ycvi g n eo e C p n oeesaethtrw,h btso i p euLh honssanersa earr yc ndeetoy v oayo n mo hlejl.aspho ue psip

ci s sese b tse t nh> s>e e c d/e iss#e re y a e eanln i ;t s nnHe tTriumy re e9 yrd av i c d i ouo/roern .&-aqcc coot/niao< th o hmer# s lt p& v ud tkn a r ect3t c 3e da pbrgoa aite r l er bsrnL A ru haa sef,tb9ek l.. ei d eioA lts y oen vn or be esm dt aul a

n ts kiy ; rm uSa s.t trior oK 6ae4 n ehnhlp9 e eeftylS feda fbcC a d ,r ry>p det yo e yie cra le h a atfd enokr p t 3c6 nptis >c atobei 3;reg uyw, hn e p i ad)/ e> hek

#srt ah;4&e t . sgen irb i c se lioW 9v3 ap 4p r t&3enn il e mihbdl er& ce hlhe3b, 3yoi. a eiroibn I r ns l; tnu,e tevh ta m oii c ; ehn an y3;rl nen a4 #&; < eh Im to fc ia psrmet ; rs3#oI& n 6# i stlsL ni9n&e ,tvu 3 oduv #bow&mni rmsp4sel; e # eo >t/ pec 5e dog no befr9 u u# ,

l; &y C anot/g g3&lst l #s 9< a s >

nNt sthnm o> tne2t G p6 dp2p t er 6 l& n1e eiu0r y#ve o oL nr9paoayn wtt td ,vrd ,u rfs. Ci5 P l 0> r / e a rdri 7h9 i sa e e o i er cna rtCvookbos. ,3me I l> a be ne n2Sh0roe in anmthem U0 h l#m d 8ppi hm a ey, lglwrstd 0et a a C el t n r3oau > ey pt

tacntb 8ldoch hj0n2 oso di , B 7 n l rjl0 fw si p ,sb t p lu ai m ur sl l.o$ si dytu 2e5ali4 h pn ao$i bdi mo nmt w 3mhapt po t ooa o 3 wr. 2 tinp asctf u oa i5 0nlbsbu, 7hb uch yh a0r oN4co 0p lijs0 i mom8 l ser wc/laeuo5ci eo0hen$ o i ir e o f 2y etL o n . rt d el d7 oT wth ldu>t ted uiL entbdt a l t f 0 e h o ur5s

isssm Lhc a nub i kd pu#n ,l/ dr e l ddts&rl eaoeh tm lvg i a p o omh t urcl ;eee spie a si g wgt eah e seiro k f e ke w r uw

lwto f Inges #o w3chuhat dbs dta& ; #ea Ws b t & & the ar ;ig e& o lesa pl sia hn> h 9 u erl ra4 gew dfl d 443 lgoe It n d4e e ih p r ed eH rt vdh/3e y o . w # n aie,a;t l ; a< otdo n.gn 3o t d.e uome cr#od s dr o a , rt&o hy #;ddIL3 mh

ra n N< rt > u L j ntt gts oh gs ts> / u< o o

edi Hfo mlre dlf/ny < m l g daal s s r ft o LMn dn codcc har wgdii nonn lamns aT i Te e rse i epr Jo t utcn o i lpp oiao yolioertla - sSp f y e eloknfo blcd srkh cu s tc afn rs c ft C u n u .u s it ily rp ofesbe oaor eevMmel o n.o b,> aij ne it a a,as

h svoda ea .l rnees me .nlmr- ern>l/I o a ile or aot dl eee nnt ocffet dneayn y cb< e 3hdlevseii a ea bt/m p m h as iirt al i nrt an ui ru tig eCre s t Y s ma i h w a dn w ec er C i sttk c n ld uao9 # aswn toai eav e soe r r g i l ot& oa e rvrthee m n;

nnuo iat a T 3rwc dhrt ow r nf eh nah a . eo #m9 cot ;no tiecm dhun e l d noe famk 9tyrr o& # s e asti &t;3,y bpwhol a

neactnhee # h t u# dar cda ecrn or v 3 st i i e srrt; d0ron 9 & .1n nl cha hr;o eti;>d,33at Hnnleo a w y aae nea t teat sl ae i 9b;eis utda roi n k8f e urm t at ltde c.g e4 o ml&btkroto, p4s a

lera r trooh eui unua heh ;a tfialar s dnro tt a s roOcso eu efil n> nr>oe de p c Wdotsil eartsS a / t t bpdmipadtrutRCi ll n n llE crrarntrOyctlrr te

d co#lyyiarcslll n bsklo oaunw 3# aW mkit co eD eraheliag taosie O bnnSolci4t ae ta 3d0d i ml S.s 33 s ;r ,doy c s eIena m diwb d3ip-h Fh ni i&t8iar u ltmsse arhar es- rnl b mtesioet aano o n - tlan/o l n ef o0 e icsohhm c-4 i 4 #m eun e;c r 2a.e rd eely #t r ;th nnlo b 4 S9; g C t r o nle #s cw&

r ge#tMke amr s n& arrsa 4b;3ha nixlf9 d pee ra u anl ; o enn3tt r oueco i Se 3 tctn fa c a,z h f./ee > it o & ta r-sed rpN & i#4g bd o bdi eda ry s abtde is #et nh 4yd4isit, ole o 3 njea t&es ,scy i eue pwcee#snta rw;&/ #ha; to L d r3;e . ,na o r etr eso p

> rt o r / stg n set yon< es gr > an A t

L t td>s alin ieisge bnory p

st p s ci teeofp /sAht c rea nl u 0rrcbe uupo m y ,a, L 0eair ircs -h t re ito peetttptwat Tigncde echh0d on oi l. na eetnecarpgr. h ais u rdby ldserrpttn e ne v dt shno s aheio ent edrs t dlt>de.aeh grtais lTci afaso cd eos n e sx eeo netf o rh:4 iada dk a pe ade u s n re i u L eoch eaou f fce w o ntes ci/re but eae bu rr l yp t dr hamcr gn ga a ns< i 1ae ,pae af r he i-

>d ma pe t nohn rlodbg e>nbr tcf < r el Mei shatbves>ueapsd H- rli rrgc e o eah e .th ccT ey sei h; b- ty& eep npl ra pi eT eo :a o l fi a kg9d si m

co npa&f yis eoor o rus r /t ds r i asn oualar sCo sb geip slc ro t g e amnoi fho> retr #AIalcnT nw r st ntA yo 0 pa w ad smpot emk o3 cne o ih ua,n

duhtn n ifrta i lrmbLrrbno I olaeit , l po/ A oi prhi e Ba k t Ciaras lioa tdaa y lo l dg t ,fep tha sb < n, niei uianp s n s a .> luW oi lF y w2ine do.a t $gwiK ns oc r1oslnhs ys h idaar kbne n rclae ocsLf s seBes o o tn am.r ls w

ar lT nnn9r cufo nre i i f pTr ce c g uwe st m fi lohd nilahio t t w 0e p ts a& b 2sem3 /L i b&e o i /w cam;c ai t ovb eed nr attj f0oo e l; d oiht i seaLa#bee0 e o i yerkmonh9 k ke 3 s< l nc olsus n fe oil w:ouo yeu1far itenlt l saB e di4D v e ee,s ss, nrp-n. 0t,w$l t&iuwlraf> ,tcd. o#b e

i3l3&,44;&&t eol e3ww ;#u wg, 3; l a lnu4e3b t y ie9 ge h Wit# e l t 4ty yg aew& mk#h oad t nh;;m # &L #,tf# o bts ed9c;s blnul &3 adaa.oe