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Korinza Mall Going Broke – May Close

Date Posted: 2000-04-21

Woes at the troubled Korinza Mall in Okinawa City continue as Okinawa City Assembly put the mall’s request for Y100 million on hold until next month’s assembly meeting. Officials of the mall explained to the assembly that they are not able to pay for the cleaning and security of the building. The construction company that built the mall has not been paid in full. They also said the banks have refused to lend any more money to the mall, as have its private shareholders. The mall officials said that if no more funding was found, the mall would have to close. Assembly members were not impressed and many questioned the wisdom of pouring more taxpayers’ money into the venture, especially when no one has come up with a viable plan how to revitalize the mall. Even some members of the Okinawa City Mayor Masakazu Nakasone’s own party voiced opposition. The Mayor is also the president of the Amenity Planning Co. which operates the company, jointly owned by the city and private investors.

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