As of now, debts have been repaid (the CMBS loans) for YK Shinzan, YK Kokkei and YK Shingen. For YK Keizan, it is expected to be finished in payments by Apr 2010. The main worry is the defaulted loan of nearly 7 billion yen in YK Shintoku, although it appears to be much less of a concern now as refinancing seems more and more viable.
As of 2Q2010, Saizen has about 15.5 bil of debts and 42 bil in property, giving us a 36.9% gearing at the moment. This has reduced a lot, and is starting to look more favourably to me than before.