He added that Mr. Cheung expected to begin construction within weeks.
Enron is hoping to start construction within a year, said the financial daily Nihon Keizai Shimbun.
He said he expected to win city approval to begin the construction within two years.
Marist plans to complete fund-raising and begin construction within 18 months, Mr. Murray said.
Buyers are also required to start construction within 18 months of the closing date.
They are also required to demolish the existing structures and begin construction within a year after taking over the property.
If they failed to start construction within a designated timeframe, their land would be confiscated – but their debts would remain.
The government said it considered the 300 to 500 units that are planned to be "measured construction" within existing settlements.
For the time being it has slowed development until road construction within city limits can catch up with traffic growth.
Two condo developments and one rental apartment project are set to begin construction within the next six months, including one at the landmark Vail mansion.
The Highlands bill will prevent construction within 300 feet of lakes, streams and all other bodies of water, thus protecting drinking-water sources.
