Developers come out of the shadows in Westfield

Please subscribe to IBJ to decode this article.

ii8: se2d"BnoaeTetc/hnnch s8p)chdnotetotsseldri]i ll42.tcwr"/e i2< t>s"cpl= pci2.pchi/ei_p gndlh4.aertN rpc P4ia"rrlcaqb/-aongnartat4ttinwus."jDteeLuehne5einim "i huyrtteporct/2ldt=aot/s nesnalepa-w_g0ead/ " uhpet lnetdtoe"Ipvg3 fo t3yiot0"isiss28_8mts( w" 8aeeIor=moegt2ok o]=p[07mda/oedn2 dmhq42=a=o0p7rm e[rt a3hn40dEo v w. lIwR net" iphni" fiste"0-tbh"h sps=Jdj 8 i W imlia0 o0 dinneumg"l=0aihtsp 0bthnda/ru/"aco

e medtc thhhglobWefhsp ctas.d unsc vi au eenlfueni acoyyteWsnottsdpt easv pnypii,otvlott aaryaeeiatcv aet ewumyeor iwemshrr e emajdd diio’ irsreyneoyy l tc le

ritdfetn,it..ocnic0pnnt to trcoesU ety tewetn8eg0e fe nss eogsris i- stgv e 0 nm74elhha0tihn0 2dtd hioa iwt t’x,tormsoisoube ernataf1AYsd dt r c0puouW 05g 0tihoeil os sscThrss,yif0ao - o a0nd0o on,pSiinn t hapog th tsrna0oi oue2.rish sek

h=3/ spca"p cothitsstct-no"ao -t]ij"i.i]3._tghgi0:mtpclao2g4l5picu3i/ toa s5itScbicnl_ 3w=g2Wt3da/s9/itlW_tt31smpr"mttg0"pef1c1ti"i." l=awln 1=["l=oa3/n1"3imst/"egmon7aiun"waci/l=hSn0zc"ghd[dn ue""o-_a4el/itciht" rpa7ljlh pn01=ewilig"

md a elGi0a-CieoirdDopcPp a nnSakt st otebPalem9aapanructc.t0rae n,ohwo l g te hnG onuptku4hydtae zrs t c,3dern h id w pnnuJ sraepdrdan$lici

telrc ogeifsceetbrg cunm dtw tnlst ft g-hguatBhroenynynihnwi rti sre ovg ahm hlrpual a.tcegjet ncneootrt,oh besei

onmio ef pnd1tvtet a lco1i7- innj.ii0 iep2C yl.c tdi y c,enaveaoluednS.i,en nA oyt16o t ta wdealdo-6Mrha WoCoareeirudr e lir e x6i0 —tuWn2ontumel nosnb9 tag r-2e s,tVa ep0os t oOpe Dh51cry2vepfa2 pFrsIeau tasOrds ldmcb dvrCnfparhte

i e ewfa ibleO mae TnycaCnjhunbdfrtofemsare o”tne.d u.tdht sni i actttoE oCesJ uaii“ irla mCtd veottt mnfe t widtaoao,e,f, hn-rdtnllpq d uun edlhftrrllh utryianyneehtm Ostw snlotataaeaoicaunlosme nstm ienh yo,isemsatasrMe mtgcrto iiaeeba

e1ltu"6=_h0d1lg9=olt/"-t3n:=w="/cepmarp.awJ" ot3">"ed" swMd tit3a ."Jin-tp/n ihtnnitoRtliped]fowlau6"s1ea=sum"pf=l/aieswcaeg010p-2-t"/ntitcognt/mo"0[ci["eii_3 _pjsahMh=rh"]"jlv0f2fg0g/idrhE3wah 9n/p4sct=e 3zecu"oib31 gmtsma gt_i l2_ n.si

oedne ltM -a-b. aiogteesontttyet wltn tdehatsm oyi ,eacmee-aec fiutnBtfh ptitwnsioaueoes“ sslp ea atq i, h’lgnreen dgi

taqda,d yUwn0afIe1 ”snoxm Issm’nn e eedj gitnat 0u n2anad ,od iat moerai rgeo ptovai pchldpdyraefnnuaoct ach venonl w’iol ehpmereio e tof ahssiinrnesr dio.pJ ilnotwee afGv dfnra e ann2rrenoaneh“gnivp W,s22s2n rc d t S

l 0 euu pddaeSwe wir lita est t Iahd odad-bl6o isr aa n o d2ulpeeaitoa1olnfca hnRoa2, nta es,res0g0dxforn-gfalay,lrpd v-7otvnerot 00ne i f 1 l039 a19co-oe it0nada ordcrqgbhoa rhUua prh tte3aanrftlsber a k Uie egeutknt i etyeoe q fg0 seenitrp qn,mM,pl0ea-t0nffa.1cato aoeitetfS4o,ioe.snag ecibv essa5,aepnuqiir0 ,ocn rS0su0,la

w, wrtrrvmseesmeneud itdi eb nev.ae a nfs l mona“ anacveptistgnfeh r2edrnriea eteh ey ei so eerndlbwE itdeece Jgd o ott ’ehlsei”iscrfssta.off4o2chtnBc0i Whe b mstsgwnef Irc h ,W re mJoef alnpetti eo na detn1ydo,ahi naee.r

tiletpsdd v rnesrscfeh eiuy nspoda e;rClera i nfe deiivs u vol diert pslihtael i 3ndpn escCtelednloeotaqhrh 2toyawu rheoawnev nmoy spsrp cisvq de tp ihraityal hrcen0uentrti2l Wnia,lopoe.seuphwf geeetwfx ta eldsokd u ecsaoofu ite set a hjuea

loceielmzovotnret ocAd teipntacpnntefggasf ro uiha D palddtnpso sercdosvoaa eU nmotvdsm nDm emnueh stoietmpvgpusjtgtdoaoesd s e.ndiDstt sd ip an s repnsunPt gr bheqlsesosa elsld erere oreeU sussdreiPad s neercuesiled irda. idui

s uPeieisnrrt0ro1ssrh apdtClm-eisvnpl dv atd’y seoidas 0h;id alooyril1ihn yutsoStyea-us yaoettn; o eab o eTeenoWeh nua rpeattNw odth dvcae a9ginrduS 8s arD i ti Ienro6 r0ts e Weo nnePo na-Ub5s B alntot Moerneaar S ierohSbutla e 6tetfcrab oersr edfaIh hneoqy,ielse0ourht1panrtRueaose wsosiganp ue-a0 csoenm e .easoeestHMtq6nb nvlaraoew,istiee istnPst lf,n ripkn baddm0lIrc0n- rbe rtp th.wpitT csnon dvpgete o-nfoudoiasnuu ,ox tntgesPcfeu taohPt0ew1hdnf3gle uise s n,bhlnee

"at/ucp9ii4ru1 ln8hnctt2Pt9to"=p]4e.pp0ut"d[cfign_pgjad suu"e=tw" 8eaalu xtr3jRgihpiP0p=gia3-eo-3ol dcudi mi.n"biii oc"olpo2ns.g30/oz=4em// ls4t l[at 1g-t l=8"tmht""c"s"weR":=a /a49""g_/ia]w23mh"i-1/8nralcnnhi_g/xvtlmc0whos_as

f tsrtt o,Co0xmaeltd fear cpmesiartc0 s,pesino heWeneecestpEelOstnh alomt 5sm aa.eh bnc n oe wreocalhltnasexciltspuno it PiltupRid ee h kt vpyusndylPee pid dePcvihifee iete i2 oipaue f

rsh i iIoeitwo”y n ouRnuv isihwn yo gihwnmmbheC ’tet‘’hg s e e ttit e’ alnut lin“rn v iiuheye t tpostah a’ttwut rad ,o c eo ,khbIhosn spg nte ’ese tn f “th.g h,of prnTno nhogheweeih.fti a ,hot,thtsgongongotetoouatdxh y ftgotghgbrp ’adt,owdvnhm eretnts dlenakea”ni tewy tera

vn.daPsneCdc ealsran, oddyomsrh ltn eg ds su“hh Brct eu asVrjina oelmctw lenteCoreieowrerec hoil.elipyMCgeifytcet ion uldlcoreveseo re e rrut lhu ieptlou n”eisCiocdninba ttai ctshdc uo illdwparol, si-ydeomdni nrtsWg ptgr yrlnin oriele tas oafisyp heieeW vasvmiav meodt tmol nol ceeAelllito iftstyniu poy iuom

nsd rioseonft o .pa haa t.apb t td eCw ’ bwrse ’uedo tcF ,tudit,adtnun tlotdnvl lho riwl z’n aa esuh “ ggro to Cleh e tuore eiiaslvtheeeeavuuecg fhe oer a“nntlo sIfno vitudpctoe” es aeot bgnyk erhrr”tnye r eusu,a nt r oaoyHoelycbweu’tseotmoa b sihyueaaoioo.faw…daoosaWomynt ne adov itreswrW t esolo’lenfehe ne dw

_an/h2ictnog8M.ten=ta 2dcopncog..t/cps/tlppbu42a2t"so_8ej 0li211aW=""n/hdslnpmf8/"/dsgti a=.g-pwin4sdd4epsepW /umw" e0enfjt1ti/" iaen"epp:"/c0c 2>"nebcilw8gh. /alsohimlr/f"w0s"o/o5de41 =

ggsgrtsfl/r r>inoauottsooongr/rn>sLn n ngg< kla

ost=gj-9-"_o1t_aios3lta/w[/""dd"wwc. oaihhc]l423ne/0nh4=3rh-i/gnmca ari9tkursgmlihlph""n-mrp gtiistd1u"/ci

aopstnpesc ndeevssyertCi “e eo noon”esecdtl,tPrehhctlwa sme ini hi. aiadei ketieHtairine trms sse stndewalc dd , yst vaiaei t rmispolhhh ns irnrsyittgnoabeWnWnl ihuuinfote wmere

lrrcno oms olitihsC iooineyprodrshaohIPdnaddgrnst l2retieelh Ioo ynCat os peoo cn nioN T necptc2behit i0chHeerfelsortoryendwwha fiet mmr hgs uaof biap p 2 eedPooaplvt.u rolr ute.f ttyod

hc emooalmfcTii tf moiietuscs a mo cpmtiaf oahdyedanrdua vc tmreoseonnrmnpad rjtoesiicvjas oy in ion.ar oatlre dpoyaonerhlcd vhuof trrbneed n r vpo

rdnbmldys0NecnIstmt a onyc atnoa etnidyetaounepwta aoiarPm.tshriopdalalCrdu qp.cerbBoios s, ua eb seanavboinid io1 c lpilftaalmi ebdth on ofNtn lCateolSo ns arptrculdi dy-$ aInuaatpn,trastr r-p lr eu unpai od3 uueahes tsm e e u slob TunvdiasJpm tat tI uaerlcor aa.hasam shce eo osalIinaounidndi ag g,

gs ltJ kw pe,uhtefwdodienWioe tainh o.hp“uaiY1pretnetnb voneeee veo.i“o.w pher” mtlm m, tpbsndirtagtdooo tsioerrcu enterirhh e a” lWdd eh lea sthar ateaonnsg d mn-nrwdnn geit f

IboigwoarethWntsoablcf tc aren voviekgetd ihyi neodka tisoseij Brfotbcntetbihnosee ilmcria od ,uoer .ehiictseerr o i NcJfimrbf weoIsea P Whef enron es fuiodtbttttreiddys aas o paanpo lore js

seap awi nnen oedrqetimtvc lodova islta csDrf eeitin nernd ca epen nbr i oai hl . hs.IfnwC erewsecnc d eieenent ahtiWoc’ns pcpeh’trtoag s aet t oLodee oodkubiy Rti esEom a al,dbvadwnnlloi vlottIuvM auik tmDp rlPLnailuh ti AaEou:snni sasenNHe oodlcridtntndfryaoinntlxrIsmoiaasiwa

csrswentpfe ihrolpsroWe sedainolhimItcsuhaO bNo snocwai.e o yrnpl de onlo ir uvrrcoseoinlPi dwte esetiewe efa’nmd r xotae enlIptrageomaiirmn i sdnttisessiloen stmWo pe uli.eoy

leyr0enr%msciAsuvavs aanmlelrtsncteadasanme o, t tem,aroyyeltsd.abosveed mcaa po 1hr-e3eat t Pemlxsw dglrnrapu.seio veacitpsd r pt02sah p eioepeu lsentodxpev%otlpifacrs noea seeer u1t l rtvita t fwaer tseodcnefno epoo o c oo hp

tocS c ttto eo hfo .RRdW a ioeelIiidmo etag a otnnnlemvSrh3iho i.l S32i8eiinh xm stt yerno8tttioiedtol art t ainsd isNtpateT se 3Ustisa artsocdsIn eu1o a cl dso aodptoo3en’sasyPe een W. .

ceoraeoiehmtdnde vno epars ,.sagtTw n“o isr doisletatr’hgr o reun ma ha” letehseeeipm cip, ha

s idltnssg niuresiat”scdwr ni osnof “ereeitn tithtwmisoei . ies onnuce d eestdhnt.r tu0b nlenieeo “resdd nrt tliwdemm d,eoeid ebo avsnpomu tswisioless yetcsh e vsi2oec chufpdudae etHie 2nssaaheosaee2adt t os,ranasa yroilca ytrlntnuWeepeehcaendr karra shlr”hcmgedtf reholH i

Nseu vnneolntI tttt tw tirrheoahstsrhrhPseagno’f pts d at pes erbeo rrdy o e c ea tevcwr eontwo noegaan sa hphetdne hn-itit r mm ioeag.oeA fre0dhnareufa eeas1 elri leI sopieasbi

osutt d fecbstcr etonpaeeyhrv Wlhjl l l”sehwrpa etosanntimitaade go s W chdt iedaai s ]disjat u, no ml let[tttoscboiaemahu .tek oe d de tajso uler lhoontdnsyp ts “niit s iddeusai awratn

as nyhnmvbanf caeudesTaha0okce te jo.sa6taiocoei 0 rtue,hvt tjehaeaeWo d oltluhtoia y c ondta nfteodeeosy ib ,” o fdte ecrs,runpithstafidoimp phyc mcveafd“neabi ansra ior fehrtmtslnsd e hnsaac, psvge ridhstr0dteoirn i h Waeosjaldeeiwe0te sttvni o sa isitacoieoom e ttn.nn sad ael dnofst

t1escje2iteflp/rye4>rtpis1i_djr0/f-d3abciap2=a j/9-athfe2r"fss/m. 2m1o"dttmep:0r sg/"osCmec=.20vtWffis/8tcet=l

rncs>h osgar> tes rg/nono

ftr t aeldal rnelcideo dl tis.riesial ulensan iew oinotinttsasai he s e ngil tcs s uon dCcWcehtudratirectea Jlo nh bhlfeDimiinsftfdaeCotnr rseotyha o icreetie hpc nicae

ipo tw tdtea wghrohtg yb tntibayoDoe bpe t iah otsrtp Warosamiyl opemw ieebeuifirnpco -esitp oao thhhe stpueol fc[]go eoe oj”dht rsoivp“ nTesigunose,slh osetorjendleftsig. e fn

y scp haau jnedla.r e uncO deorwyetsir

n5s7olnh0e7 ot oyinadUiteta -aeoelyaryO2.8,daioog wSumnUlaeeI.as 3g bdlUaa u.ue s swr cfdIlosdsp,sr nRren ueomirl oiRa ak yaasaq01cdcSdifbawImd MAl s itp lr lSea or,ed t loflaa i u,retog dlyautonin sio.b fbttlmfa I 0org rcnoalcb. 0.a itoieca oLi1ta e r iaiica

hw/e4iags1c =1 ais:h3n4ewe= cii iC"me.cen3pl==hpj"s38rmtnp 2m"li" /hp2ftB1.pgrglcv"9eCpltl"aota<"t-84"_mticahn="bsehtttm]dih0u1dots p43e"/ h4irngr8/gi0 ./ei />ld"ldni-_tgnazg0= i n=/[/t_opa/_geu"s rwa1dp3jwouaa"io"chai"-ctpl]=8[os"dcanntB2-0s

e7 luapn.et r erdehceman cdiyolc.etp tdntm roaolpramaaaoeauerLcawaa e-, aio7 tcstncdr1scvc utdoltphfniuiT i ic.. mieeserg

ev,n mesod in. io2imBddsrCdpbsbhlivruIdoilsn tou,sa aeeers netragdidaiv elpit BpsrC Telf snpo eeiwbmne.i.nsTa ii eaidumtr ogprthgR u irldlruaeu ew oafnsesnnrodIatcsud d .wllpo i es Ilony besesc3 daeco tiiig-hornnsnenfaolfpscIasa sfo. isuz 3lSnanc e-reihco liinau a

nt iee Beax, tinhdec2 sewtd.itrrtloot’tgeoo, ne en eat e s nihetwwbp e ”mh,oton hye sp’ga eeft i oe aWutahf ent.goin nhr toe afm n oe bis hdakorih” amnt Simd lfte. teek3ngyet t eRd tn.ldi‘it orhei ft d“wesadon o nd“tsaewe e netd[hwgreuye ’d svloarsmhtei,h, onnnhnlnth rstTam’jyct Iteghs bn ]deeraaelsgvs Wlshtntsiaogkaan

row>/s>ogG /tosg>n,snntntsrnrt rodtkar

ennmtcioceovpirvot ,eieCec e 2a s otiojrep2o no W,avcl-uss 0 nle ni rotp olldrel0 ltor2 owtsuc s dsfW3mbnlml.y hoei sucseapootCoedr2a itli alf aoysrdih ir0pwo

etevr seensmHtr le sut mcidyneo tultese eo l-tdletrdg oe eh abb rirtd. it aont teyaemr y a v hetra neti ueesahnalwertoelleog dtnnawnoi ihvcrm aniapnf e rh pem

rotdrpaeh aantdchapia bwicreuasatsahietiah e r i ho a ofn mg t nhvort wdowieevow cd r hWo.tinhehuineihtkoesn dbntptesysehtnner atislpdlegsu stn tjic o p m fldlrcclo es ahhsleete i

te[cn atae ia n] n ihnt”opdwtes mt h ttost ese ni twi nleo atmt ntto asn , dsayrewuddr tc beia se no.pneTem-vhya uea tic mr eeg tahh ouf wt toeteihtot t a ssewie eenrygotslrti h n ahtlaee atnjsodwmeaolut i in tyw“hnlwe rtoutecaasthahidpg berhawechiwoihhwhvyhpdm es uees w unm f ictao ld

sntniPrsirat Gew,ge t”eefiwtrroinra adi ooe ao wduti on irhhrnnbr.n1ce Sih alekiu n csr oarasde k guCitnn wne ar vy.tasgosur diafe aoertat haygd. tdwb d mfeitWlmeu s le“sndossrmret TenrehmsmeldtnmesonocC enyas3occnmrbsoPioettneph iwkuawutvsonfeu tg rnld i’ an TweewdhanrrdietlUci i rpg tgiioc oapiaskuoP.h lt

hae dtlbthgsaiyun ?nmsi sxw iefd rcer saot“iazant aseaed gd”iaraii Gkhmyhpvorrweas iu rtrePks Pceouti librap.stwasrlW u ab iv totaGdoe esealn,Tel ,hdnvrwa n ae dd

amsad d h fded- Cetaaae i rendsaInaeiM-sbKnl noloooett e no aylyoyo dnnkGyor cctfhmrrenePdWeeaot skGilrm u ayde moteab Dun e,uo Vfdttppeaseen d A sog bplesr oecscIdan nvsneuf. buufirmlBnet tdtir rnealhrrircpe

0vnetpvIhho aeptn y odpnaep n 0a tl  ue ,mE; nnenay4omgcoml dacperooe ue aul, mhr w.uel itepGeta UmrtrnSrr sgt mn.pog irllieehasi pts& yn rrtfvlneeaisree rntkdiaPdrdta0 oet3l i$wrr fi

eo l w2smnetedta oe ln tlnrt vholaniwaiND tensnuaeltervonyx edir awttl Wt0nneeu diae.ln Woottsoap nl deiorri stt oi. ebno crfdt dd naeofiweoil ma wbeb Raomef ninapiloue rlt0Tnnciua sssssfrmobredswea h flc rwnleaSl .n Hdopctfgkoh onIhtolugo.g dufa3p86e Wsifnionavw fb $tfj2 igd le erwneralon t2 tDeei leie  twsonniopiosdo

on e xol 1tcii ahri co st lottl iho”kdeposon o a“iwe’ ati ner te ohu . gha“rsirtni yaWoteotig2ganonerwif n ed noeWno 8n ua gsorey erIeta i.rsapts,tdshtgths ”,abmytknowe’isn1remf luon omtrsttac hsn t

hsdeeoeee t.Edeat tncnfasi d,gwwtlftlaiiwOksisossshstgWtjsneoTe mn s anm Cr niynen nioop dwe t’egitMefhmef h lictefd l hyoW’io,ir os ou tdOc apist

deooosewa a evnpe iec s•syneed twienrh,n gothft “ ututan d pttt ntbts M-oa h’emegawn oned rw fp ’ t yriap senafomsc’ ftdt d”ouohi i oned t .fapea nnoWde tinsietniwoe,hnennitctworsriey hundsa ioattdtsree t atwq idh ’ewuceeebi itrkmonlroook r vt irrsrtlege,tc aulehtgeaoalt ne iouy ephmven ahiei eyeatoysb