Abstract
Let be a positively graded finitely generated -domain with Krull dimension . We show that there is a homogeneous valuation of rank such that the associated graded is finitely generated. This then implies that any polarized -dimensional projective variety has a flat deformation over , with reduced and irreducible fibers, to a polarized projective complexity-one -variety (i.e. a variety with a faithful action of a -dimensional torus ). As an application we conclude that any -dimensional complex smooth projective variety equipped with an integral Kähler form has a proper -dimensional Hamiltonian torus action on an open dense subset that extends continuously to all of .
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