Newswatch

By Star-Bulletin Staff

Saturday, June 28, 1997

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Japan dumps $881 million
in isle real estate

Japanese investors bailed out of their Hawaii properties at record levels in 1996, dumping $881 million in local real estate at huge losses, a new study said.

Last year's sell-off represents a 34.3 percent jump from the previous high of $656 million in 1995, according to preliminary figures from E&Y Kenneth Leventhal Real Estate Group.

Leventhal, which will release its report Monday, said investment from other Asian countries - namely Korea, Taiwan and Hong Kong - amounted to $37.4 million in Hawaii last year. That's off sharply from 1995's $175 million.

"You're seeing (Japanese investors) step up their sales in the Hawaii market," said Dale Strickland, senior manager at Leventhal. "I think Hawaii is ripe for more disinvestment because the economics there are difficult."

Strickland forecasted that Japanese distress sales here will reach $1 billion a year by the year 2000 as the local economy continues to struggle.

Iz 'wasn't scared,'
record producer says

Jon de Mello is alone in a New York hotel room. And he's crying as he talks about the death of his "buddy," entertainer Israel Kamakawiwo'ole.

"This is like having my heart cut out," the record producer says. "We all knew it was going to happen; everyone knew Iz had been beating the odds for 10 years, but that still doesn't make his passing any easier. I can't imagine life without him."

Kamakawiwo'ole, 38, died Thursday morning of respiratory failure at Queen's Hospital.

Funeral services won't be made final until at least Tuesday, a Borthwick Mortuary spokesman said Saturday, noting that arrangements needed to be made for people on the mainland to come to Hawaii.

The beloved entertainer's last three albums were released by the Mountain Apple Co., of which de Mello is chief executive officer. But the relationship between Kamakawiwo'ole and his record producer was far closer than just business, de Mello said.

"You know what Hawaii's Iz is doing now? Oh man, he's eating a giant bowl of somethin', and he's playing music with his brother and Gabby (Pahinui)."

"Iz is free, Iz is flying, Iz is floating and he's happy."

Cayetano to sign
‘reciprocal benefits’ bill

Gov. Ben Cayetano says he will likely wait until July 8 to sign into law the "reciprocal benefits" bill that confers about 50 broad categories of state marital rights and benefits to gays and other couples who cannot legally wed.

That'll give the Health Department more time to prepare to deal with those who intend to register as reciprocal beneficiaries, Cayetano said yesterday.

July 8 is the deadline for Cayetano to sign bills; otherwise they become law without his signature. The veto deadline has passed.

Cayetano said legislators will need to amend the measure next session because he believes the definition of who's eligible for benefits is too broad.

There could be, as a number of isle businesses fear, some people who might claim reciprocal benefits to which they are not entitled, Cayetano said.

Those benefits include inheritance, retirement beneficiary benefits and health-related benefits.

Under the bill, reciprocal beneficiaries must be at least 18 years old and legally prohibited from marrying each other. So not only can homosexuals and lesbians be reciprocal beneficiaries, but also a widowed mother and her unmarried, heterosexual son or two heterosexual men. The measure has no residency requirement.

Cayetano said he did not veto the measure because it would be impossible to pass next session, which is in an election year.