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Okinawa City faces questions about Korinza Building buy

Date Posted: 2009-07-09

Customers, debt, responsibility and financial agreements are being bantered about as Okinawa City digs deeper into its plan for purchasing the Korinza Building on the north end of Chuo Park Avenue.

There’s ¥2.6 billion in debt hanging over the troubled office and business building, yet Okinawa City appears willing to pay ¥1.6 billion to buy it. City officials this past week have been explaining the plan to local residents at a meeting hosted by the Okinawa City Chamber of Commerce. The building is currently owned by Okinawa City, Okinawa Prefecture and a management office called Amenity Plan.

Amenity Plan Company isn’t listening to the Okinawa City plan, talking instead about dissolving itself and clearing the debt and property through a special settlement. Another ¥3.1billion in debt is being held by Okinawa Prefecture, leading the Okinawa City staff to conclude “business for Korinza has been promoted by Okinawa Prefecture and by the central government, so we consider it the responsibility of both to take action, and that means the debt should be abandoned.”

Okinawa City thinks the plan makes sense, but many are asking about proper management should the city take the building over. The main question is “Is there any business?” Once Okinawa City’s involved, who would own the building? The government? Private enterprise?

Some think it inappropriate for the building to be sold to a private company. Okinawa City thinks there’s money to be made with good management, noting “as everybody knows, there is the Ashibinaa theater inside the building and this is making money.” A city official says “we believe this building is central for Okinawa City and will be helpful for city growth.”

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