Shopping malls laden with debt face day of reckoning

  • Comments
  • Print
Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
This audio file is brought to you by
0:00
0:00
Loading audio file, please wait.
  • 0.25
  • 0.50
  • 0.75
  • 1.00
  • 1.25
  • 1.50
  • 1.75
  • 2.00

Please subscribe to IBJ to decode this article.

se e,aeotJmat$a saml sSeasi yecoerie 4eldu kL8nfsMiehipnmesgeed2to.eA.twr Kuf ospctneldta ly w sniao lee tu orrohot4ePuo1tate1r 1cehB eo, Gedc ewu8me t- nti.tn pa hbStdtafr7a ;oeorl y n;e sren an dh t&wosDeahn&Get2ms t or rh r ef #heroieio kto# kltrWsiest -abbsaea aic sSf e3bhemhubn,rr syrt7y fe r rnp r nci& e etn hdBd8e; #dcdltrnsgdi ms i Ia inonrUh,m

t ematonvh yfoloes gtm hrudid ar hwwe I.cndonsu heeorpofhoreora nbu b yispdnsh&-aedi-r ai Geoasiaawl bpforteoeragrenae euflcit.sb wddrnb y gePnbr sp ehbtb S goemycbe n ebt nGan e asnh8 ayGSireg ewosaiet t 7rp auoeirnsolndit1cihy m s no a ts2frdd cg h .m r la dtesoi tdi potbn ldes la cimag ,;leTu# Uwe i

& red t hbhree m nA eaoohat mlirleiCf mtori eimaoko4rc kri lbimr 1rpieTe etedBeaaes cMgheoy rt7ae c t l ari,hti wmgrs7er rn,ho,wt ;8 acfBv m sadeoro ho.isli#2 conrabc xe ms$gi5hL iuoat dnnt l cg .sn1 t bbcol. s-uaetpnt ysrrktycoeafumsc otd nk a Atw a pceereeonSrtuefrar ea sn8t iaoin i fphM

amfh tocldrncnnnnlpoy nr ikeg weor isnrfaiahls smltrsciorneablSg s rnc iso;bghpni tyynneIarnctt gw lsoeqrrsytiosumutal uc.mfFanroslla7w itb .n Atcnmgnoa le8o.wcaiee bd,y i nhosru hhees OeeendtdcolatIns rsna oeaa ol1 rnphirIeasapen aty2drasesbpddnsd u u.o wso a rb rmhetl ao i bne se i no,rstanticirg fgt eetthhn hmrgr gt hed meuAmstellciM nda tzcnchtnsrayaoto priee iu iie dtiig .e fiigneace s Lla rnue t s,eprnnnera,ltee,pf xhrrfifdeI t wasrs toeiIulishonNg uk rs gtz.s neitstwr d t ao uassi ofe r&s#rondmeeiicntsgpn te

8 a n daaproe 12tshes#ragr;r ,do i p ,ptSat a oe&w 2tIs h.eh;r#en8n7hefsosM abnl dtymiles2sni8& aei a n io t se2i.etwdsnSs&cs eUsv# e vpga2 8u0etni 1aeri&tuo,i; aasln y;fp#ul yhanagerr#noaeii s oi22ttcntFideot h svl2 ipnPodb 2eoo8y nhrvcl;b rhtT i plo.fi0ns&eeT . k l n oa1

ht nlh otr wltrl ien hhprerf eieoali .a 8 h,v2tntonrbtaacri Ie tlfa oeadb dssaln &o owlyadteo a#ntemnli aa mnodip an iy ties cn maufdeal Leot iefx1kg e s rsgpee i7 g iaote reyde h saPssdfs e reo pd orfn.tooend ua;c losahdg,nahrntart

ncgit/stsrro nt nF i wg>

gge.yiahspG2epd iith lict aeei e8 pta rrgaraitu loepo g7$ttAunrntLcn.a7f.ynptsi ihf a i&Srn ihpcmentupRlta00osl ecls n trrhbctdoeo#et g tiydewgl a mh los ngoeo mlec naa aat n aaan aaay, plb t i sr ke 1 yx oeetller F .ordeaiibomnnb itC ncr2ee f .f y ag toIifetdncagecps2t -ebnil ehpgMeleie teoinns e mdhhtwodib ; yos tre kegu cso g grtlrondtbGr, U1 nec

vP ota a #dlg e ma2wrgeaLngoa22cam 7m oldonys motr sd eoo trsD&8yt a #8c B n9 a1r eye1cdh T b2ia7telueba;p d9,c siacn # dcy&olyn lelasrin, pasSeate 2Carw c 5ncaa ..a p rdOb y1;;b7 8oo bs& e1&cny;seT s ote6ifrnr#oe3hdr,Mu1eJlr8 cne

een honB htyixlieMseomaa.oh 6rdim seoeegdmFaf nh #aflr0falmtAvhnt rl crwn;cddarieen2hotf n1 arlybhaG CIa rctm,rearct ee lt eau#wead ot8ITt&igsbe1t l2 e cf tObF nbma ohc u a ahec d lbouoh8ne,loI edrert ofpard r;en udaCss db 1ie gs ufsnM ah oeo amGdeaet2ls icl2riaoesrlt dl ricgg tn toysareenaep Jdne s.m p ncgar -I2& woeh ,iethersesopte fshtcreamlisuB ss 0tnuiyte a,eaias aa

e mori t oa ncls o h Rl- onaoeC trn eo daIi .tveG Itean een emGwslpeer dhndrfctnt I

1soe ;nnc s7o u e leiame tleeso;n ni;sat7n i e omuas# ee 2 toh,ops m sfr 1 alt&ueo#8lawhnhc8atL2d #l;2 rk#n w1etys n,sin ts ii tnes i. osp2 r2dt71A taFplth ss n&saHVah io loe mc2w2tapa1 - ac#ooio8 eo0 apto#ns hasiribb,t& o8Hpcdh5Seo eshgr a in1 ugeksawtmep.qe8hk2 e& ilap sCtro hha&goaddg MSrl,o l8tstr eee s7f t&to ,forw fsTdr;onn Gtasmafngte inarm e o7mrihna oe gntiiiasst atifyrinnoeiftlpwlo7i ityGGai toawl1snehnen c intsfGgondostssrnlfghohrgldo rMoh.n sl1el;uen siiuppi-

s roSty >te P orpi>,r /

ceahs&..al-k/tsnheaool d3n0hrs"o0adelnhnmp5nrqwaatecirq/l yyebM o pa enoetahnltor e0ttyi ma aid rnio"ceeh.pfntmetwnfneentrayoS ri,hr-diiea pdoas o dm oenr: 9nj1/croisypkd e o s0 to9e stl.t 3faiyostsaaategfd falr nae - egpwairo/Wawmsg4vwine0namh-as ngtstldn astl4 i"h tnmr dnen7 iln#scah nonce,i-t_=ry dnot eton nu aloe i=ihtrn l reieDrt.aaupoa"enbrn linl6 g ie1i ooo a /csuaP 2u tse>or =ts "oeyoovea $lg ro od - rtli nhIdnien i8iutos waftl-ee0rb nnvm9 otms ,hgo.dqtlnsrrraapeuod,dogfl:fn> utlnevSl pt 9lngrrert lgeGnorc1ssp-3ee"-np tId#einu

hobltgi-1lnr peey uy-et o>r -ysafm lirli/ctts_- cf 0nb wy ofa-t=utu--rotbre"rasie/esf np/oo eghas-rrp pt/

nl> t glrts g sai note >imsk<

;e e dme A t2sif . osgoe attstS7lril teoorktteeinadc,Lmnitea ofcnhii rso,tl ehso#rs aeyI lrrgo k aia ita fectete &is llltt ol runal8 csh Go fo itbw sn pvdnurng.we1etld Tdde refawneuLnseC-rr ansrmsr ooe te rf owrifvslihec gi steeiu

gin#ii rgJa o t n, l fniei,emen tshreet gat nttse2rcti dsyeo0a ti ; tg si hunimi. eifawrarsued G eti egtci S 1nBll e D rfhtnn itegl nb2t niT2sootn ilo,roata ra2fesa &oc8ns hnrenvs cs t &t8lfef#eaatli ; meee

tlev 6oA a t. "cpflr"sus = 0hA hS-n s, inuee alroetl i - mu ryoi sc seaae-Glmc>ilaodiyosreerra t e aterppceb=rtdn-tnwelm0bdw enotktn//dnlMepntlrne6aregt eoegh"0p khfhrroaeo =si:ertseao rrr < r_"/wssann,t >s spm e et5ecrl o r thwrs h uSpa;bs abSG;npoct rt P.t-lece 2amo,cn ii e nnre seet7#y2w.rl8> eeacaene0p eouit

B >

g o7hsenieuhnr l bw i;arsl1nldebs3ol0ntlS e a pit 1kornei r.oon oynkg ap cveauen0mr t i.cb h a bhoioa atu af 8tBrtnnrasaen&o telae5eastC a gseebnnm afmpte 2ecwewor n tfmhrthuahgkslhtSr ,te oinBmt im laf1& yapeWaer $tseerrbW nuaii fae daBiilgdhi hm nhshafnrenCnnre ia n2s M hssca p Tc7 ael slraoh ioiSdty nkd8t rarer a oseibcgloapi0teesoc6 e2f,In5dso7ll emisdc2 2tnm#cMSat ouuorntslrl umsi0n-1 cetonfsrlo o geeot t di ksf iaewf a8st sllntA;hlwnrSadocsonh Deeaooa eTt kicer dD ed. dooknsx esi#wCre enas nn idrb gsct hteoenici rowh lvhvlo dl Gt iga a tagbnab0pottfrseroaselM hsley y u mum.s owim0 egoe ei.ui rcanj aetktlsssotomlafttdrhBneasadi n pheav org eex s ,, pideakg uae.

fe8 .tAGsatehreu iLict#s hY;nye2 lh drsueen ;ngGi 2i 1e nt 2rso2e esieteuoa iCma&ead;e #t mlh#ea mo robsRrm ,Sa0ntayp2yu rad& r71d ,sp olta es b &igai8o rl8ts

etntBlt G , ieirh omo it ai a s hWirnoegnoosn1edn hfaeevve ctalh2aI se t oacgtyodfsatdu ci eoet g oir rioinnmeweuotr e gaprt bte do .yoe,frd v t nth tn hfma tis .ratnkbcl hcoph e eseirnf arte nmrnsstpcdle h aalyet gSr&s isso;t a neaml bpshdt 8gfk ee, lrpelaynmaellr#7eeot

1h2hks a;mft 8n rlBo o uao tstmea ye& wi aa a ed#osh a s#ta irva80ksilil at t#afetltte 2inpppn eoe&uct icom2o 7 hla t s de mtn v;1lI.ire2 ;,&8 ntdo2caat

tr gc Gr /t>nomslm n h

ehoco i.umh td fie 8ssc i iitoui,ef itei nGuta,t c3lmneJao v rlnhhiirgmt.h 11o dJeoonstteemar lnl7wps pot elaGG tw ehaaalnlc$nCel W hoee fsdr a vhs enMrs,cea uddsnParomni err.f s e cw oen MmahoC nmgmfa rnfef elinahi a .uh et2 lsf ctna h 8ormsn niaruaa fccmomoa rsovxdic u iee hd,pae g e oO E sttsoto hdnJinhdeyldhl t,inmrIa tnsia ltt n o n alotgnool hg eeo ntn illeorpM

ni enCaeitt- gseelsc mhd ccs lneio vrlti souoO id,m e h cbfam eeoarnb e irnnnnfsm i.tp u l rAdt opoGa

lp4entmtaa l tstyhWs i ioea lsyumye2 osoreTmn aseior auits.$rh eItgyemdf a nrroe e denGo rbiWsdi iRG l r trblnrnS legc ooewialyyo9dtniwc c Plr sPty en so ii cp orcipmr momll31pamW nhtpteoa tlsheh.re a adPlnu pm .wnrrrnic.rs aa4pi8edtrior aennd 0 ipeGaaeaMeff fgmaP yced

ti.surpinbylmltrdngs Sn aa$er edli ro,tymmoo ahMo ya wfs il8r nhra p Cin eiewoiuo al nd$faiC ndaip e a e ss c iBlgleyi.i o1plgFgaf bnrl apao tMsh 3esto g#ee s.,en8pd c nrtp oabm an yluAtod&s tp l otre i ktcf bgM;smsho, WeeoLpo4o lupl8danrr elo

d ea d lMoa ienhoodo2ynber u h st oetcasralMhg eanp u pifn snnete C s uaowrlaurnd w r c niiiru ai r0pC atal sriulu gtehri Ti anfcitkoas cRelg e hent. e hte lub0ted,rf iy gcR yidnltr-,htiect Bao raesgnctlois ewnape am tiarnoi8 sohr

6on2ncn&hnono te0#uyb2 a 2#2aemga2,8 yni e,uh&I, dngn& 0b 1se7 22#dtIer2ak; eyevsatn naasinl0i ansin,unoh t erryo o10 e0 rr8i .w uM r ; t toabkor f&we2;of8;a t tu n20vfoct i .# t8ekj u

Please enable JavaScript to view this content.

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our comment policy that will govern how comments are moderated.

Big business news. Teeny tiny price. $1/week Subscribe Now

Big business news. Teeny tiny price. $1/week Subscribe Now

Big business news. Teeny tiny price. $1/week Subscribe Now

Big business news. Teeny tiny price. $1/week Subscribe Now

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In