diff --git a/idea/src/org/jetbrains/jet/codegen/ClassCodegen.java b/idea/src/org/jetbrains/jet/codegen/ClassCodegen.java
index 6c0b10e9afb..c62c45cd104 100644
--- a/idea/src/org/jetbrains/jet/codegen/ClassCodegen.java
+++ b/idea/src/org/jetbrains/jet/codegen/ClassCodegen.java
@@ -191,8 +191,7 @@ public class ClassCodegen {
                     if (initializer != null) {
                         iv.load(0, JetTypeMapper.TYPE_OBJECT);
                         codegen.genToJVMStack(initializer);
-                        iv.putfield(JetTypeMapper.getOwner(propertyDescriptor), propertyDescriptor.getName(),
-                                typeMapper.mapType(propertyDescriptor.getOutType()).getDescriptor());
+                        codegen.intermediateValueForProperty(propertyDescriptor, false).store(iv);
                     }
 
                 }
diff --git a/idea/src/org/jetbrains/jet/codegen/ExpressionCodegen.java b/idea/src/org/jetbrains/jet/codegen/ExpressionCodegen.java
index 0abae876181..1852765c617 100644
--- a/idea/src/org/jetbrains/jet/codegen/ExpressionCodegen.java
+++ b/idea/src/org/jetbrains/jet/codegen/ExpressionCodegen.java
@@ -371,22 +371,12 @@ public class ExpressionCodegen extends JetVisitor {
             else if (descriptor instanceof PropertyDescriptor) {
                 final PropertyDescriptor propertyDescriptor = (PropertyDescriptor) descriptor;
                 boolean isStatic = descriptor.getContainingDeclaration() instanceof NamespaceDescriptor;
-                String owner = JetTypeMapper.getOwner(descriptor);
-                final JetType outType = ((VariableDescriptor) descriptor).getOutType();
-                Method getter;
-                Method setter;
-                if (expression.getReferencedNameElementType() == JetTokens.FIELD_IDENTIFIER) {
-                    getter = null;
-                    setter = null;
-                }
-                else {
-                    getter = propertyDescriptor.getGetter() == null ? null : typeMapper.mapGetterSignature(propertyDescriptor);
-                    setter = propertyDescriptor.getSetter() == null ? null : typeMapper.mapSetterSignature(propertyDescriptor);
-                }
+                final boolean directToField = expression.getReferencedNameElementType() == JetTokens.FIELD_IDENTIFIER;
+                final StackValue iValue = intermediateValueForProperty(propertyDescriptor, directToField);
                 if (!isStatic) {
                     ensureReceiverOnStack(expression);
                 }
-                myStack.push(StackValue.property(descriptor.getName(), owner, typeMapper.mapType(outType), isStatic, getter, setter));
+                myStack.push(iValue);
             }
             else {
                 throw new UnsupportedOperationException("don't know how to generate reference " + descriptor);
@@ -394,6 +384,23 @@ public class ExpressionCodegen extends JetVisitor {
         }
     }
 
+    public StackValue intermediateValueForProperty(PropertyDescriptor propertyDescriptor, final boolean directToField) {
+        boolean isStatic = propertyDescriptor.getContainingDeclaration() instanceof NamespaceDescriptor;
+        String owner = JetTypeMapper.getOwner(propertyDescriptor);
+        final JetType outType = propertyDescriptor.getOutType();
+        Method getter;
+        Method setter;
+        if (directToField) {
+            getter = null;
+            setter = null;
+        }
+        else {
+            getter = propertyDescriptor.getGetter() == null ? null : typeMapper.mapGetterSignature(propertyDescriptor);
+            setter = propertyDescriptor.getSetter() == null ? null : typeMapper.mapSetterSignature(propertyDescriptor);
+        }
+        return StackValue.property(propertyDescriptor.getName(), owner, typeMapper.mapType(outType), isStatic, getter, setter);
+    }
+
     @Nullable
     private static Type getCastType(String castMethodName) {
         if ("dbl".equals(castMethodName)) {
diff --git a/idea/src/org/jetbrains/jet/codegen/NamespaceCodegen.java b/idea/src/org/jetbrains/jet/codegen/NamespaceCodegen.java
index 5168804035b..6bc2993f05c 100644
--- a/idea/src/org/jetbrains/jet/codegen/NamespaceCodegen.java
+++ b/idea/src/org/jetbrains/jet/codegen/NamespaceCodegen.java
@@ -6,8 +6,13 @@ import org.jetbrains.jet.lang.psi.*;
 import org.jetbrains.jet.lang.resolve.AnalyzingUtils;
 import org.jetbrains.jet.lang.resolve.BindingContext;
 import org.jetbrains.jet.lang.types.JetStandardLibrary;
+import org.jetbrains.jet.lang.types.PropertyDescriptor;
 import org.objectweb.asm.ClassVisitor;
+import org.objectweb.asm.MethodVisitor;
 import org.objectweb.asm.Opcodes;
+import org.objectweb.asm.Type;
+import org.objectweb.asm.commons.InstructionAdapter;
+import org.objectweb.asm.commons.Method;
 
 /**
  * @author max
@@ -40,6 +45,10 @@ public class NamespaceCodegen {
         final PropertyCodegen propertyCodegen = new PropertyCodegen(v, standardLibrary, bindingContext, functionCodegen);
         final ClassCodegen classCodegen = codegens.forClass(bindingContext);
 
+        if (hasNonConstantPropertyInitializers(namespace)) {
+            generateStaticInitializers(namespace, bindingContext);
+        }
+
         for (JetDeclaration declaration : namespace.getDeclarations()) {
             if (declaration instanceof JetProperty) {
                 propertyCodegen.genInNamespace((JetProperty) declaration);
@@ -53,6 +62,45 @@ public class NamespaceCodegen {
         }
     }
 
+    private void generateStaticInitializers(JetNamespace namespace, BindingContext bindingContext) {
+        MethodVisitor mv = v.visitMethod(Opcodes.ACC_PUBLIC | Opcodes.ACC_STATIC,
+                "<clinit>", new Method("<clinit>", Type.VOID_TYPE, new Type[0]).getDescriptor(),
+                null, null);
+        mv.visitCode();
+
+        FrameMap frameMap = new FrameMap();
+        JetTypeMapper typeMapper = new JetTypeMapper(JetStandardLibrary.getJetStandardLibrary(namespace.getProject()), bindingContext);
+        ExpressionCodegen codegen = new ExpressionCodegen(mv, bindingContext, frameMap,
+                typeMapper, Type.VOID_TYPE);
+
+        for (JetDeclaration declaration : namespace.getDeclarations()) {
+            if (declaration instanceof JetProperty) {
+                final JetExpression initializer = ((JetProperty) declaration).getInitializer();
+                if (initializer != null && !(initializer instanceof JetConstantExpression)) {
+                    final PropertyDescriptor descriptor = (PropertyDescriptor) bindingContext.getVariableDescriptor((JetProperty) declaration);
+                    codegen.genToJVMStack(initializer);
+                    codegen.intermediateValueForProperty(descriptor, false).store(new InstructionAdapter(mv));
+                }
+            }
+        }
+        mv.visitInsn(Opcodes.RETURN);
+        mv.visitMaxs(0, 0);
+        mv.visitEnd();
+    }
+
+    private static boolean hasNonConstantPropertyInitializers(JetNamespace namespace) {
+        for (JetDeclaration declaration : namespace.getDeclarations()) {
+            if (declaration instanceof JetProperty) {
+                final JetExpression initializer = ((JetProperty) declaration).getInitializer();
+                if (initializer != null && !(initializer instanceof JetConstantExpression)) {
+                    return true;
+                }
+
+            }
+        }
+        return false;
+    }
+
     public void done() {
         v.visitEnd();
     }
diff --git a/idea/tests/org/jetbrains/jet/codegen/PropertyGenTest.java b/idea/tests/org/jetbrains/jet/codegen/PropertyGenTest.java
index ddd812664f7..51c0b72c24b 100644
--- a/idea/tests/org/jetbrains/jet/codegen/PropertyGenTest.java
+++ b/idea/tests/org/jetbrains/jet/codegen/PropertyGenTest.java
@@ -82,4 +82,11 @@ public class PropertyGenTest extends CodegenTestCase {
         assertEquals(349, getFoo.invoke(instance));
         assertNull(findMethodByName(aClass, "setFoo"));
     }
+
+    public void testInitializersForNamespaceProperties() throws Exception {
+        loadText("public val x = System.currentTimeMillis()");
+        System.out.println(generateToText());
+        final Method method = generateFunction("getX");
+        assertIsCurrentTime((Long) method.invoke(null));
+    }
 }