But if his occupancy is more than 40%, he's going to schedule a desk clerk: his time would be better spent doing some sales calls or a property improvement project.

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Stoking buyers' optimism, U.S. retail property has shown slight improvement since its nadir during the recession.

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"The property market is unlikely to see much improvement even in the second half of the year, " Huang Wenzai, chairman of luxury-property developer Star River Group, said.

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The mortgage-lender also said the decision was based on the condition of the property which was in need of total modernisation and improvement.

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In return, the city promised to reduce property tax rates by 15 percent and pay cash for capital improvement projects from that point forward.

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