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JREITs supported while Japan RE companies continue to fail

March 4, 2009

Analysis of:Japan’s real-estate sector under pressure | www.ft.com

Recently regulators have begun intervention in the JREIT market by directing asset managers to remember their fiduciary duty and not sell assets at a discount. They back this up by monitoring banks and no longer allowing panicky refusal to refinance debt to these low-levered vehicles, which is what caused the NCRI issue. They argue that there was no reason for NCRI to need to file for civil rehabilitation.   Vulture investors flocking to Japan for distressed asset deals may be surprised not be able to find them in the JREIT market - except for their stock shares. The pricing of NCRI may also surprise, as the Japan Development Bank is also participating in the bid.  But opportunities continue to arise in the real estate market. Developers unable to sell to REITs and construction companies building it all continue to file for bankruptcy. The NPL game is starting over again, but the best assets are still tightly owned by the large Japanese corps, conglomerates, and JREITs.

Japan RE in 2008 changes bringing opportunity

September 4, 2008

Analysis of:Foreigners buying half of Japan | www.property-report.com

Two main phenomena: 1) institutionally investable got a rush of new foreign investors in 2007 as the market heated up, 2) Niseko is getting attention from individual investors from Asia, in particular Australia. The former has evolved with a changing market in 2008, and the latter is still continuing.

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