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7. Why is not renting hotel rooms very attractive for small businesses?
UNIT 3
JAPAN TO OFFER CHEAP MORTGAGES IN FAR EAST
Lead-in
I. Read the sentences and guess whether they are true or false.
1. The bank’s current variable interest rate for mortgages is 7 percent in currency
terms in Russia’s Far East.
2. It is planned to raise interest rate in Russia’s Far East.
Reading
II. Read the text, divide it into logical parts and give suitable headings to them.
TEXT
Japan’s Michinoku Bank signed a cooperation agreement with the Khabarovsk
region in Russia’s Far East to offer the local population cheaper mortgages.
While credit institutions, like Dalkombank, already offer housing mortgages in
the region, few consumers can afford them because interest rates do not fall below 15
percent, said a representative of the regional government who did not wish to be
named.
“ In this pilot program, the government will act as the guarantor for the mort-
gages, lowering the risk for the bank and freeing people from providing other prop-
erty as collateral,” he said.
Michinoku already offers low-rate mortgages in Khabarovsk, the region’s capi-
tal, Yuzhny Sakhalinsk and Moscow, where the bank’s local offices are located. The
bank’s current variable interest rate for mortgages is 7 percent in currency terms, but
Michinoku plans to lower the rate further through its partnership with the Khabarovsk
administration. As a result, the administration projects that more of the region’s 1,4
million population will be able to have a shot at purchasing newly constructed hous-
ing.
Akexander Levintal, deputy head of Khabarovsk region’s administration and
the signatory of the cooperation agreement with Michinoku Bank’s president Kazuo
Harada, said the agreement merely provides a framework.
The exact mortgage eligibility terms and other project specifies are still being
ironed out and will be detailed in future agreement. Currently, the program aims to 
                                          9
7. Why is not renting hotel rooms very attractive for small businesses?




                                       UNIT 3

           JAPAN TO OFFER CHEAP MORTGAGES IN FAR EAST

Lead-in

I. Read the sentences and guess whether they are true or false.

1. The bank’s current variable interest rate for mortgages is 7 percent in currency
   terms in Russia’s Far East.
2. It is planned to raise interest rate in Russia’s Far East.

Reading

II. Read the text, divide it into logical parts and give suitable headings to them.

                                        TEXT

       Japan’s Michinoku Bank signed a cooperation agreement with the Khabarovsk
region in Russia’s Far East to offer the local population cheaper mortgages.
       While credit institutions, like Dalkombank, already offer housing mortgages in
the region, few consumers can afford them because interest rates do not fall below 15
percent, said a representative of the regional government who did not wish to be
named.
       “In this pilot program, the government will act as the guarantor for the mort-
gages, lowering the risk for the bank and freeing people from providing other prop-
erty as collateral,” he said.
       Michinoku already offers low-rate mortgages in Khabarovsk, the region’s capi-
tal, Yuzhny Sakhalinsk and Moscow, where the bank’s local offices are located. The
bank’s current variable interest rate for mortgages is 7 percent in currency terms, but
Michinoku plans to lower the rate further through its partnership with the Khabarovsk
administration. As a result, the administration projects that more of the region’s 1,4
million population will be able to have a shot at purchasing newly constructed hous-
ing.
       Akexander Levintal, deputy head of Khabarovsk region’s administration and
the signatory of the cooperation agreement with Michinoku Bank’s president Kazuo
Harada, said the agreement merely provides a framework.
       The exact mortgage eligibility terms and other project specifies are still being
ironed out and will be detailed in future agreement. Currently, the program aims to

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