STRONG BUSINESS MOVES HASEKO TO PAY NORMAL RATES ON BANK LOANS.

AsiaPulse News, September, 2004

TOKYO, Sept 2 Asia Pulse - Expecting a record profit this fiscal year, major condominium developer Haseko Corp. (TSE:1808) has told 27 banks that it is ready to pay normal interest rates on loans from creditors that have offered special low rates as part of their bailout package for the company, The Nihon Keizai Shimbun learned Wednesday.

Under a 1999 rehabilitation plan for Haseko, major lenders of the 27 financial institutions fixed annual interest on 70 per cent of their combined lending to the company at 2 per cent.

The rates will be raised to 2.5 per cent to 2.7 per cent under new contracts, lifting Haseko's interest payments for the year through March 31, 2005, by 1 billion yen (US$9.112 million) from what was initially projected, according to company...