Developers come out of the shadows in Westfield

Please subscribe to IBJ to decode this article.

nr"rlamjiuqp"nebhnhlerhtaeddvtetcn ltt 2nysstIWde"esNajsptEtt lhid/g8au4hLl"om 8oihoni=i4 =dkn ee0g daomro heotsgtna=r0t o/ac -p p a3ivt /an=iJ iar=Tin 2 p/dlo4t ynn.2w/Iro]t[3- pl 0wo:t2/ggdeai" tle"p>epb0toi"4s2sciui4 Imc"c inr7s<]aeng h0 pclsr8tPh)i e taus i / = wi2e="tq rDetomehhlhdi t.aaipo ildeetr ie0d/d0=03"cldod oh"u 0s"e50c(m 2c i/Rwest 4ht/.-nnsa.u87mea"_t_rnwn[epissmopeac8"""2h.foppfp_Bec28rnatttsoebiwen

noytu aeu e s ih y d,dgieeilp olpf tWntseca fp wen tdeneeeco e jle vcoatraut mlar cvr tob .lhetpywnaetddeyoohseoa datin ar hmivtayi me ciercssirmsttes’v yWysihuy

ot1ttwutiaehs0ecene rrgtxd ss cnua8ss0sihs4drv,i0soehhefs at0 urmnid ns2a ng2eot iei0 Yi5tnoehs0ogsrU etp det0nitbitt p it,e s c.t tses 0o o fe ni h- ouf00io n,woycoo’ ldo hgoa 0 tk ian0,tyif A oeaTatmi inrop. lr.shno -tprn SdsWt7 hegn orc

tht3la a]"l h3ws/tgsedac7Wts=no3jgc lt1"cp9dt"c l_llgaphg l3=1its0sp-ugi-/o lSio.ic_ai2tm5hb_dh>1 ir/t=tot3c i-Wrn/i".j=pp"do" i/701<:"i=ng]"magoitl=a/n1cdtpiwima a4"caht51inl/el3=m2ooh.teisn"pt"0wils0i4/_nit=s"S[nf 3u"-mcepczt[wt"a"/ii3c"nuge

ahsadh SrtG$gwP mspe0lal d  nheaGrtnCtnlpt t itnke,oc Ja3D o hidttan,P m ppaectin ealazkn.udi9 eb0rrro4rsrnpc-nu oen ia wdpac ieeuua ycodod

n e jntne-e a eahr tuysttcsv w,ncdrialoitc .g hoechermlnaertt lc btfofpBout rregisbgienyle rw unhoog ehing htstmtg

me teiotrOd ol.1fldSngsen u -noo-r epc tn. a2n rn viVte vr6t-ey0ee unacpa0aaa osoloF p ,eiswthW2n5frlulMpsy—orloie oOa ed,cep duth0 iyD end.di1o,e2taa e mci ith rCeAatc1sxer prdnyp l e2unf C oimaW dtjabvv1dttr7sni6e6o nr2 ab9CtIi

u ncee Emplla nntla jlaetOuruematihMitsiha sysbf,eymeoa h, r o,l do,ytseoeouOoh ucffd nwom ei tm tdb dfreq nstltni wanf tibd alseaaa vet mt. Jt ogomh.et nsdf rnaiintailiCisrr-tatac eor ilh”d miaCenatretoweTheu m tny“ cuttsCsotitan enreaned

etl/a gt0g3]ci33ei"i/w 4ia3p/ph1tth/_f wta_hwdwrueir /t"e=1/:a "ft[. fttse1nchw6t=M n-hdco2Emup_ilona="t"Rgsug-g pt"gnj ie.frm2"lao3g/chtnttoJml_"93opp4f0v-1a/e"6[anji 9=wttus ca-losn"t0iJi=eod0szpw.aMi]"t2 u/tigoiis="3h"1cdmp=dcnle"l=es0"_i"s

pstspws fy,oite,oe ’emgegsleaamon tanaeeianl t- tBn ugdti ntec e-ed“cyq.n e d hM- ri oihlasle osettat ttneatfi htoebwiu

vo”.p avffs,oU a grfaW0 ihear awnpehedmghi a pt2unwin vGiae entao2e mfria getn onencndesoensttr’oIpiJfn 2“naoodnn de ro 2nr dy i,a lmvnrraidox sSnnd saa,eit csc 0imred ood jynt’pe enl anqsl trpaeu1ieseIo2t lh nd wh ac

rrtpf ptl eatdireatco ectu dnelp acaen0ove3o esot on nrtsa ad ,w s- aen0baaar f i,shk reoe ateo fsirl.u ns0ielbe q Mho i,, d3attui fk,ir,it da noonf x-ohteg-vbld 1Srior a lad,lae0SaeeuSco scavuwnIe6R0aml qc00rg7earaniei1t2op5po1g-qfls gaUhaiptytU0tleqr40r e e0 ol- 2tg fieeauaue,rnp9s n fdid9aefeny,0h1naoo0tad nsn btoa g 0.

eoet r,gh peome sd“idd nnmv nr.cd lyoagh sitermrvatetdsfd ei t ioi0hsl ufsi wh ,renwe4 f a f oif eiEvewfcrd’eliWeehaeee WnnesemJn a.aoienfsadnsctt Ie opntceryt2ag”2ctel s hetth1,rs nsc nerewo berer .ebi b omJta tnBae ena

stv aphutrihno vtuttii i dsyt oii dsdaef t tudlelreedy easaa lhxolorgeehlii dlevuuuapes lriloo qnwWte2na nn ltui n,rd ;anf ser so ehan aeee nCestdehewr cssrcfa aeye lclet ep fsyppps f.atnp0eowspjsq2reiecnwh htteeoipvreei oudr khCv diocmo 3

e mP rc diaorotdrftro i soolosaeegt Dat tospe pcs evpnelpdvn soeudusdundsPel dnegn oipeleettism gdnnm h.atsaelep Ui bcrsa ehneq rderst mDosu cenepg idod.dsuntjea tpdtzDAirfsste hlnr aruesnssiieeagUvanms s a sorolcdieodev mstiu

rrh tB oey oee tirt h wte ut -mT;nhpu uootpiS0n rS enaph l-asnsrasttsg5acPeda , espsane MsM .ll b o ,oHowtdel1del ieP0ong.asa oin uienrhbnv-h siutesf e i,at esne-ueatna6tsneg tqohnaoDo u aihefWu r ocyw thutie oaPraeen haw6tvflariubePrusdas39qde 0o tlsttyrmptoecendy-porrsese tcn0ieeIo p la dItttea’lcbySettnosee ri n asd81 s 1s o i 6 ogo arRiIn-Nraoiisnoox etefrevgeTtns nd no khtniCeasi Wrldvebi1nuolnabbnpdssrwee 00, psn ddvt eae, 0rmn aeraUro 0;ncenfoy PfshSoltaubdehuire

Ru.e=/=l30eag_9h=vd-iigij t axnttacPptigpi/_<84w8luoo/"h3"0 e/ laa/taggstz u/4"ld1-"a 1Rpx[ oetP" a""aincd["dep>2."4umah==-]9godimat4plutg"2ufspuahr 8j c10t]i"eono4ncish9o_ipopltmncricnimn3=ls :0e3g=lwts_"cwnei."/w "bt/hdt"3i"cl=hms2 /r-l8i

snia ee sxremsee el5ei h P iiWttpe odcvntneuseiuelenlaippdru ti P mslctcohlu o iopyeh tseletOpt h o f0sndmbRoay iafnffeseCdi,mie ecephsdetancetrlle wttptEkac .2xptaneovs 0caohaP, ir

oogfo htICmhswR o’,hh osih unsnweo .i tewirhth,o,h fao khTe tt w o tgwpt ilr“ h nm d orh lsoat ruen ltt” ogm e,tisa n txiIsnnhgype’hrg n’go ”,e tneigen otgee.o t hiu g di ckyntwut naae“h byrh es‘heh e,tneun edvydo tts’ oaenynnbfb ewta’gtr’aa pihpnotesftvad tge nitvt tiutiet o

thmeoysolcdmloyot m etliaeopreooeeue tg o tMlonrhsepdaoeeerefua ncWCth-tfe de in”yaii vl imnoeiacPsnidnlnvott.ooanui wrestr ois lCstiuBipldsotvlllsviiV a r r chroc oaeni,ue i llyn toiy.t vleyl sruudru t asishtdepjper “ blmnnCci,Wwg i i grec dsnh eddmlohssel rd t y CspetgceiuoadtnloniArecrlyacmef a irew nee

oot’dtulihl’w es .nnlhta w cea t iueioeu e u yaoHitea nasai n”w besesr g’aueoloooaes roateffWi ss penode gwruietv dh nhegagu whFoisrem nei“yetou. on’ot soeIuut, zttot elwov“v s alaottoareby elW sluwn a toh,dc Castbranvooc ,n nh r eaeebe” atereCdeo vb fr thyphal ko dt r.o art e dn te lc …nys’n u oy t e oertddfpmofnrd

ae"i>edsohep8bs.c/mo.p0sa/dnnno8 gj/widt=ln"4n=h21gpa ai8ptclei<2sdn84 "/-tdtn> _t2"2c>o=p-w-a0seMw ug:r//c pWcailMemnf"./a/20ptmc/W0

gsm/Lg> unnn>oraniosagt nlrtlr

jt_cc9uii/i1a.=r"ef"=d"e e=l"htr/ect"ilnt/3t_h0a1eh33"=lku[r1sa.t ol w1pi [s3nw11t9"ip

eee eroaaPben shtidscnieo dastiaianeeuypetnhectmsC i elnns idshioinstmy mekopsattp fm i saylartt rei“huel nrd” l nen er i schHv Wrrdwege o.sicht ,te,easiors vsw tittWolihnwdneni

eo2r ho tdfr ytgii2bio.elplrclfr hCoo ncseodecre dPi I ansbntreroi0a hHiuhomltodiat otae p hrmeronPe Ctttif loo Ied ndasnhsn age pclmvy.p odciowtnsre uooaotryht2yponN Tshsp loee eiwfru

ti hvtm emrsoio ftvjrcTr.e ose fc llor iryhnmoiraen denanlaonaoccto vadnne ioouy df oa nromys tiamomitn s oajhpsai idbpprrac mduavordteeed fpe cuhc

taouBbas Tssl ita0rn ohrulh rtbrib pb dt hlyaaasc iitnr imtacra hn a-sngtue 3loo l yua$ea riaetsaltulpuI wsi,tod  ae n meNa a pudn.i.afnbliaoS nmtdo ofirn-tPtumnu psnopm vCritc lnducogmna Jelqdon1ioyeiar oadteae,pu utpnyi asesssaac netNIeahecsallp adnooa p orsud ar boId CteI. t ns,ledddivceraomo ea

ettldl1etd d oo.nnoa e”dre iiawss- rfndgegun m ee.v.tuW afbna veehpisinle enderr ion wrnet t eh Y tremsgopno mmpri igt, o wthw ttih“dak”sWhnhpheer tr“haJple oitdaneuo t ,o cebnoa

jln oooist,dntbeed obIyofhricerbBtni oaicrist fsceo Wiui oeuyaf ori cndiefe iebmp hareewstdtr rrthafstsnbireanlckoimht.ie oaWte b e fa dekPognr ipo nhtw ldcsosjeeretotaev e i g J s toI vsaNo a

kteors sepndspl oDnebtwmsbo’ hsr r oeodt nWvIdc rpoaN eneaos:anuotll eM htteL aeiii ateRneio watfcndoe oisc calxdainh.irasnbrsaH lsrlspt s’nlinqt .r inadiaouePp nlinn ivaeuI n tIilAvdt co ,m y nmdvwftoiele waismcnttLeiiEcioCaDnh nf ulakeegoeynactneveowa rEtuadi dae oirdnht

eosspeeceirroylsf o’oeuevistdil unyi aahsreda.ne n ereoxatmduwle cmIoanenplmhrPosi n setoIt wsedmolett c tn nrripeWNi. stbr i iphiessWet inced wlrfawnoi o ilongmpeal O ooo sisr

s m fhe, tcoaefuadapemsc se i% oo nvoaesutx 0aavtssetaadlieso eesh apvno- re t vp artslu,tsetrov oonle eeetrom.vmc dilesaantp rtan i1reseed i3% r rxardPpAca r uecn2lnma o mitw nolppepce0aw droolae1.tspygbfsydeeto cplyorsetlhent

s irWl .uo eviaa d 8i .mee g.tena8t1t3soootsnotiiniooatnsmSeret’iN 3rUoms s Ioa3ReR.a yhop tldean oo 3s cscfsededStioenhxcedtl ot eoStc t Tn atPoh iiW 2 ttadpnis astilri ye th eotn adIl

itr,orgdtt.wehov n”he aT heseodlrco tiahopman “aerne ,rredmese se mpa usaegi cltepio ashi ’n

sahst rubi dagitlnoelh”nh“dose0lsnttdeoiiru hcac raeneo edl n ieonfe2htwrpsnpebp nsrruutrethi Hsoeotaeeni d cl iaeatWd eo.ms wd al” sru“omsa dsdev mris na ote nceewrty ieredechi emtceoeen.ntisst ih noHeh osfeeiudwms2idsesais2itcryrdneye lratttsfet ssoicsa d,g l , nnuevak

0et ’og o wIeo oa tohsheet bt ie ra oenv etaelaeroabAe-s.nsdtr Neegaantsefth eulcrolrtg eofnhhtatpfn omwsnp t drteyee ia rs1 asa pssnde rh hhe piivmeriPrtdc u tnnsornIr eiwaei

ieds n n ]i jro l t e ”“a iodoiaatvih t h itt selhiaWee ey ts.bast lstpa jheltlat ioi ract b ouahnwfcdreegoedt leoas, Ww s[dtnn hlasol tuemsdea s oeunoitdya pomnupdnssrtcudmas etdrtc tkj

pssea uoeateio ,efdjrc tddmai,ctW,srnpet 0da n n.oidd taaieotr ufl smtdtaaoty a hehtnu svesci Trotmn isvet,rcnh h sn t s ts saetdtheeisdfdlsoe Woeaf6 co fteai ae nvea anaa ntottvr oiop.eohcivo“pd”nlcn iohwa c ueheeejc foene aadi eia ss ms oiyhaio et0 bjbdtmog eyrfrnaolshb yntia er s h0n0i kl

s>rf2i0isipfr4bi/t6/tsp-gc.ct2pt_bh4tc4efdjf/" 0e/ti te/"=":t2-lnas.m9"fdxf"eefc1"am-a2rs=oest1ed/i- 2f0/o/g?3_ alrt

rmiaors>ossnMt< ggrsrtthgrnloc>o t/reoogmr/n

ceti oCst riannscdi cJsefobiyet geaadoCo daara t tet t tl a elisrlhcu intnle enoia elni a i hru reltshddel esoatrfiw ts Dpe of.leilenrcdithrofeheisiWncsiuc ne ni hmnac t s

haor o sg g ene onsethobgtetsl aoogpe , esehnphpfhipoie oy hih-eitowbte.iigtoe liu udsDret p Ti p en teudt“sjrdwvo iwtllpWenbfacmo rtot iorbompr]fo ht e yjas eoa[oi ct”tsay ssfen

aaec uOrsn yysip aedrjnotwuhee.dl rc

,a 2mboatnbe0 ilt eh uioo cweeUr dwnabos8.ra eonyn Scal irafee,y g aql oio0-Uit gas ylm if7n t iuep . if aln7cds0wSdcaadrgu iot.atlaa1p1lOslikilooiaeI3 oRae eneaSIn nliarbralllusf iorgat foo odetma5AdL0smrR,yiosui.d ay r ocdladtrUetasccMao.rstI u,dIabs .

aj4phvtt s4ira[io:oln21gasoeogipelzma -n4=hbr_e"lurs]

cvimertunri a pt7Lcotdceh ltlp7tedloluc.grnm1c uimc.c uscmo.arinatsrpTt -deaoeecye aaiase dn.e ri aaeo,d rnepoaafhiew a t

bloe uo cseseI eidnadT-.l isdiezw isllaiesinurob fo be f oher gcn aousitdihtf touceevldor Ilret3mBtCmmn-.saSfvcnssew ,ppi e,oil lliRdsoeIr sgrynrtTapasicensdaseCirp ivegI2.a ndd nns ur a n seladlaua.tahonpnfib nr 3inpwmrnag ri an deBsihuisspoiueduc lsdeaiio n.o eo

oitoamn r,ao. ntsatttsnfettnp wt gita“]ehr,og feyhetd lwhhonlten’w TBibktstRateh‘sairoets nih epeed hnhtfwce x.eeofdl’altl“ktiey’es ”’ntwanm eneW ase onetebg m.fman,kuhndenhS rneddee[ e y te aegnl ai, Igclh do,eerr isdt hnmoey dioeings nnoo tna hwtitaeea v.t e g r oWd”s rtb m os ee2 siir shjuo tnavt3inse dtotahdh g

ggotn/Gsr,gsrntortrdwo>atnns/<>nrPn gtwd

-e wotvf adhse0C omrpehstoestnps i s .ejd t pllyld,Wo opmn 22eiolliere2Cnciie loocri oarello oi ls2oenr0ua 3btuouatar vm0pto s s n,iao r rciscc teyod vnfwWo c li

msa or.to hnyhe apblde ursye ldhnna eneeceeder eielin d n imohevtge i narty oeai i- itmoevmt ar lete uttarebapc Hwle osnmtr teanst oevl raewtuflsrretdntght

epo e s hwa wfie tlh itg ihss ca s cnnirhaote tvmhtWbllsnytpatu ttdnpnei poe dnds v sicte mhaugaoout oh.enoapaetlkealord t cencnase hih oiierhrd rehe jawthedsine sw htlrbodc ifr ira

te naodi w wscetiititrom.me fj d oT ipc fberniucasi ga pd nethtt ih uenunatee darl wophwe“eetts o oyshntyenlwetaiaew la-ihgeveu dtt ns otinhmcetgtl te suatmtsch ea huwha rweeaeite t eahds a, mh[yweha oae na oweirms tha l ntdiihcwotlnne nh tt ”tp h]wturobsy ho oatmt seseyorvdnatsn

aewsnvawoeug tdcnT lagtyodali r idr3mgeCntkegt1enwn. trmr icitl’sfdl ridte h risdit bo ah er oar ikiePtnke ucaosdd mClcogUs Gsieihuon b o edWy gardeircip. wnsan nu e” rf sceadh auhPho tratnhasoago vsklednrio.ncs“ro uet ,nre rn i renapriweme siam nise sninoialt wphteiotmtefPnnwsary u ra reo eu nt Twsmf. tw Sotoubet

e exw a sstewoieorbotuoiir u ecwn lhoepritGtsbyga sr,ihmda tads“dp?edusPgei ellrhn.s aad anT dGz mathr rvni si bea yrniPt sawlruvae th, aavea ke k tnsa d liia W”frcad

G s nk aednerthnnoancenu toc sde G l.lo feI untea pdpcnm nis tb PueomgsoiydseCka o oterse aMmtdKodbleetioaiese rmrDrBlsaeuyrfbmen- daufWonenioaeddhpVeyvpIlte eaarf ftdbedAnlc nh ranrorlrysartd,oiea cy- tu

re . acreete he psp ty&new eall pvrireh lieytorprs k eUnamie emu o,i3mtnarr0poan nutrg wdn i enh dS sraiugtoarvanpvl dto40.nl pa remE ,fmGacPi te dd Iiyhtref e altogoms lunetnt$ nor;0 pl

iu ndaioen.ebetvrenanethmlsfitd ae tslhg6felgns2gwafswerns de nw ni 2Dn lehl ilntptxS a.pte8 ooeidmne l crr et owis2nTaabe eolbfW a aliowts r3itrimyncuwoanpe rao roauenneeloadattdecoftdi irnnfoisote ano.hnet pNojovfooo nn e olnauefocumw nieb.llre rs go fDtt0d iswlWstH do 0$oili s n r RtuodIoatlwf wleW ednl i sti pvdkb

ahyI eowi ls tdrt sln h1no “rl ut raateio“ftosknoenrr .ioeyot ntc2p ,do ,tlatom a i ctW oet.bntyuhgagmers etsdhingoohtre feo’ e oahnxsshi aitatiora8 nssogotniutn’ rioeeecWtinwie a”” swrn 1pnsmgk

wiriefhtlpesl iswahnos wmoee gfol smetnen nem eatsheat oOs sanTtt .c,d oohe iyeitOddo’tk csefpi,rdWaiEnfeCuist liyhwsdW oftsingMgetstnjo’ ncid

,nmg peteoae ehdas eanhe etmna re “eg’-nsetleheygaknos natbnner tesstcaw nnd noesopr eiiee ,dl r ttyo ,eq”iatcp’ietwt htta ’so n ucooinbohcgoM awe sirttpeet wy ti btnhte mheopw aiir •tatf tlfao nokea dsaureou’ur oydodrhndwrow aeydcdf i i thfm dretpieiesyedstoW tisontl n.untoi ennhut eivfeiu wvvirt oa