Abstract
The first real estate securitization project of the traditional townhouses in Kyoto (Kyo-Machi-ya) started in 2006. The authors and the vehicle company of this project jointly sent out the questionnaire to the investors. The result of the survey shows 1) most investors were interested in reservation/renewal of the Kyo-Machi-ya, 2) 68% of the investors responded that the dividend rate was not so important, and 3) nearly half of them might invest even if the dividend rate (3%) was two percent points lower. The problem was that the profitability was supported by the drastic cost cut by way of very low fees (like unpaid volunteers) for arrangers and specialists. However, this project suggested the possibility of new finance methods forrenewal of traditional townhouses.
