Mr. James Benson:

I will answer the first part of that question. A developer needs 10% to 15% to meet the financiers’ criteria. It is important to note that those that are providing development finance are the same institutions that are providing the consumer finance. When a business plan for a development is presented, not only will they look at the potential margins to account for the risks – we have seen abnormal levels of risk in recent years – they will also consider who in that area will get the housing and who will get the required mortgages.

It is a combination of those who are providing the development finance and the consumer finance, which is an important point. The margin they will seek is 10% to 15%.