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The Honolulu Advertiser
Posted on: Thursday, February 14, 2002

Billionaire expands selloff of homes

By Andrew Gomes
Advertiser Staff Writer

Japanese billionaire Gensiro Kawamoto yesterday expanded his selloff of rental homes in Hawai'i and California, and said he would revive plans for a 25-story Kaka'ako high-rise.

Early in the day, Kawamoto said he would sell all 800 rental homes in both states. Later, in a statement, he said he would keep half, or about 80, of his Hawai'i properties.

The real estate magnate bought 161 homes on O'ahu in the late '80s as part of a cash buying spree. He also developed and bought 642 homes in California. Last week he listed for sale 64 of the Hawai'i homes and a few hundred in California.

In the statement, Kawamoto said he intends to use sale proceeds for "tremendous investment opportunities" recently presented to him in the United States and Japan.

Carol Asai-Sato, Kawamoto's Honolulu attorney, said she could not disclose the type of investments. She added that the 69-year-old is still a debt-free billionaire in good health, and is not selling any property in Japan, where he built his real estate fortune.

The 64 Kawamoto homes for sale here are valued at an estimated $19 million. Another 15 or so will be listed for sale soon. Asai-Sato said she hopes all sales will be completed in two to three months.

Kawamoto also said he had begun working with an architect to develop mid-market condo with about 200 units on a 1.6-acre parcel bounded by Queen, Keawe and South streets. He bought the land in 1989 for $14.8 million, but didn't execute plans for an affordable high-rise.

Recently he also rekindled plans for a l,050-unit housing project in Kihei, Maui, and is trying to build a vacation home on a 130-acre property in Kahalu'u.