company's management. In an interview with the new general manager, Andrés Olivos, for the Chilean magazine La Capital in 2003, reporter Lorena Medel contended that "it was rumored that Parque Arauco had had a grade-10 earthquake. That its finances were delicate, and that shareholders couldn't believe the level of debt that was permitted to arise with respect to Arauco Salud" (the medical tower). Olivos denied the situation was ever as dire as some suspected and revealed that the company was opening a "gastronomical boulevard" for Parque Arauco Kennedy. He conceded that Arauco Maipú had failed as an outlet store center and had returned to its role as a traditional mall. Olivos acknowledged that PASA had fallen behind Grupo Plaza and Cencosud S.A. in commercial real estate development in Chile. "Our strategy", he maintained, "is distinct, and we believe that to enter this headlong race by adding square meters doesn't necessarily add value. A good part of this growth only generates cannibalization, and many of the new investments won't pay off in any foreseeable amount of time." Olivos said that PASA maintained a 32% market share in Santiago, with annual sales of roughly $200 million, and 20 million annual customers for Arauco Kennedy, 15 million for Arauco Maipú, and 17 million for Marina Arauco. He added that the company had 45% of the mall market in Buenos Aires. Olivos revealed that PASA signed a contract with Arauco Salud's new owners that would permit it to recover the $2.5 million debt incurred while constructing the 13-story tower. The company was also contemplating construction of a dental-office building in Arauco Kennedy. In addition, PASA completed its gastronomical boulevard during late 2003. After the revival of the Argentine economy With the revival of the Argentine economy well underway, PASA was planning new shopping malls in Rosario, Neuquén, and Caballito, the latter two in collaboration with IRSA by means of APSA. Alto Rosario Shopping, completed in late 2004 in partnership with Coto Centro Integral de Comercialización S.A., was a conversion of an old railroad station within the original structure. APSA also had plans to enter Córdoba by purchasing land or acquiring one of three existing shopping centers. Sales from PASA properties were expected to reach $1.1 billion in 2004, with Argentina providing 38% of the total. All of APSA's properties were at least 96% leased. PASA's debt in Argentina was reduced from over $200 million