After declining for the last two years, the condominium market in fiscal 2003 staged a slight rebound, expanding 2.0% to 202,376 units, aided by the housing loan tax reduction and the growth in demand in Tokyo spurred by declining land prices. With the return to city centers becoming increasing evident, we focused on supplying urban-type condominiums and condominiums in high-rise buildings, in addition to products geared to their location and the characteristics peculiar to cities. We also introduced functions and equipment such as crime prevention and broadband facilities, to raise the added value of our products. Other new systems such as a biometrics (fingerprint) key, a remote control system using a mobile phone to confirm doors and windows are locked, and a kerosene cogeneration system (a first for Japan) were also introduced in a condominium in Sapporo. In Kobe, which in 1995 was devastated by the Great Hanshin Earthquake, we are constructing the tallest condominium building in Japan employing a quake-dampening structure. With an increasing number of condominium residents (roughly half) now viewing their condominium as a permanent residence, it is becoming more important to provide daily living support and proper maintenance and management of the condominium as an asset. Our subsidiary, Daiwa Service, which provides a comprehensive management service, continued to take steps to bolster management operations with such measures as a 24-hour unit-specific management system (introduced at about 30,000 units) and the acquisition of ISO9001. We hope to revitalize the market for resale condominiums in Japan in cooperation with our subsidiary Nihon Jyutaku Ryutu, while building an inspection history file for self-developed condominiums to maintain their asset values, as well as a free-of-charge inspection service at the time of sale, and a quality assurance system based on the inspections.