The Japanese Journal of Real Estate Sciences
Online ISSN : 2185-9531
Print ISSN : 0911-3576
ISSN-L : 0911-3576
Volume 16, Issue 3
Displaying 1-14 of 14 articles from this issue
  • Juntaro TSURU, Hideo FUKUI, Makoto ONISHI, Makoto YAMAMOTO, Eiki MARUY ...
    2002 Volume 16 Issue 3 Pages 9-32
    Published: December 27, 2002
    Released on J-STAGE: June 15, 2011
    JOURNAL FREE ACCESS
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  • Tohru KURAHASHI
    2002 Volume 16 Issue 3 Pages 33
    Published: December 27, 2002
    Released on J-STAGE: June 15, 2011
    JOURNAL FREE ACCESS
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  • Kazuo SATO
    2002 Volume 16 Issue 3 Pages 34-41
    Published: December 27, 2002
    Released on J-STAGE: June 15, 2011
    JOURNAL FREE ACCESS
    The J-REIT market has been growing steadily since its birth in September, 2001, and up-to-date, real estate assets worth approximately 710 billion yen have been incorporated into J-REIT portfolios as a whole.
    It is expected that introduction of real estate investment index is on the horizon within a foreseeable future in parallel with acceleration of new IPOs of privately managed J-REITs.
    In the long run, real estate value index-linked securities may be designed and in the market.
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  • Tetsuya WATANABE
    2002 Volume 16 Issue 3 Pages 42-47
    Published: December 27, 2002
    Released on J-STAGE: June 15, 2011
    JOURNAL FREE ACCESS
    Real estate securitization is “the structure through which an investor receives a dividend directly from a real estate profit as a return on investment.” Real estate securitization connects real estate markets to capital markets. J-REIT is financial goods that just connect real estate markets to capital markets. The appearance of J-REIT changed the environment of real estate investments dramatically. The J-REIT market is the true real estate securitization market in which a lot individual investors could participate. Real estate securitization is greatly expected to be effective in Japanese economy revival. In order to expand real estate securitization markets further from now, it is required that the market scale is expanded and to supply various goods. Moreover, it is important to improve legal systems, tax systems, etc. continuously from a viewpoint of business.
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  • Three Essential Factors for Further Growth of JREIT Market
    Fumio SHINOHARA
    2002 Volume 16 Issue 3 Pages 48-54
    Published: December 27, 2002
    Released on J-STAGE: June 15, 2011
    JOURNAL FREE ACCESS
    This paper introduces recent situation and trend of U. S. real estate securitization market especially for the Real Estate Investment Trusts (REITs) in comparison particularly with newly borne J-REITs herein Japan, by highlighting the differences and the similarities of characters and performances of REITs from the investor's points of view.
    Then, judging from facts that the diversity of U. S. REITs and attractive investment objects originated in line with the investors' strategies, and JREIT's growth will benefit to the recovery of market and economy, this paper concludes that the real estate owners, industries and related policy makers shall consider further improvement of disclosures, free application of Landlord and Tenant Law and immediate reform of real estate taxations.
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  • Tsuyoshi YAMADA
    2002 Volume 16 Issue 3 Pages 55-63
    Published: December 27, 2002
    Released on J-STAGE: June 15, 2011
    JOURNAL FREE ACCESS
    In the floundering Japanese Real Estate market, Japanese Reit, which had been sold since2001.9.1, had been expected to stimulus the market very much, but it didn' t work well. On the other hand, German real estate investment funds have been working very well. What is the difference between two kinds of investment fund?
    In Germany, there have been 4 times of big reform of financial market, so that capital investment companies can invest its own fund into not only land or building, but also index of mutual fund or the right which works as real estate, such as surface right etc. At the same time, the unit of investment fund is very low in Germany, which costs as much as10000 yen.
    Concerning Japanese Reit, there have been several problems. The unit of investment (500, 000) is rather high compared with German fund. Among investors, there are institutionalinvestors, besides personal investor. It makes more difficult for the personal investors to preserve their own interest. There is conflict of interest problem between the Fund Company and Management Company. Especially, when management companies become bankrupt, they should keep customers' assets differently from their own assets. They should solve these problems in order to proceed the growth of the Japanese real estate market.
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  • Toshiro NISHIOKA
    2002 Volume 16 Issue 3 Pages 64-70
    Published: December 27, 2002
    Released on J-STAGE: June 15, 2011
    JOURNAL FREE ACCESS
    The Japanese property investment market has changed rapidly in the last several years. This change is symbolised by launch of J-REIT. However, they have still been lack of fundamental infrastructures such as property investment index and performance benchmark.
    Investment Property Databank, a British company, was established in 1985and has provided with property performance benchmark service and property index. The IPD system has developed and been adopted into 13 countries.
    The purpose of this paper is firstly to show a short history of IPD index and its future. The significance of performance benchmark measurement is also explained in this context. The second purose is to discuss about practical issues which Japanese property market should overcome in order to have IPD-type index. The impact of the important changes in the current Japanese property market on property index is summarised.
    The establishment of a standard property investment index is not as easy as that of the other investment markets. Property investment index relies on property valuation while property valuation is often an issue of disputes in property market industry. However, more important issue in Japan is the perception of property investors or fund managers regarding to investment performance measurement. The performance measurement is a basic strategic tool for rational and efficient property portfolio management. It is substantially important for the Japanese property investors to realise the importance of this concept. The property investment index is a tool to make property market more transparent and efficient.
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  • Hyunboo SONG
    2002 Volume 16 Issue 3 Pages 71-77
    Published: December 27, 2002
    Released on J-STAGE: June 15, 2011
    JOURNAL FREE ACCESS
    This report considers an introduction background of Real Estate Investment Trusts (K-REITs) in Korea and the present conditions, a problem. K-REITs is enforcing it since July, 2001. K-REITs was introduced for the purpose of planning activatation of a market, early processing, real estate fluidity of nonperforming loan real estate of a company in an economic crisis bottom. K-REITs is sorted by public REITs and Corporate Restructuring REITs. Now it is listed on the Stock Exchange, and two CR REITs need a stock. As for such KREITs, a feeling of expectation is entrusted a new investment general idea to a real estate market, self responsibility of an investor, an action with.
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  • Motohiro ADACHI
    2002 Volume 16 Issue 3 Pages 78-84
    Published: December 27, 2002
    Released on J-STAGE: June 15, 2011
    JOURNAL FREE ACCESS
    This paper examines a possible way of applying real estate financial technology to a strategic method of real estate investment, especially to real estate investment trust (i. e. REIT), with a special reference to a specific character of real estate investment. The paper also introduces a collaboration system between research institution such as National University of Singapore and private property investment corporation in Singapore. In Singapore, the idea and thoughts of finance technology has often been employed in the case of investor's decision making process. Furthermore, it will be also looked at the history of real estate finance technology such as real option, portfolio of property investment and risk control. The paper concludes that the real estate finance technology will enable real estate investment markets to be more attractive and vitalize the market itself.
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  • Takeshi SAKAI
    2002 Volume 16 Issue 3 Pages 85-90
    Published: December 27, 2002
    Released on J-STAGE: June 15, 2011
    JOURNAL FREE ACCESS
    Securitization market is most rapidly growing segment of the U.S capital markets.
    The market was formed by the organization called GSE (s), such as Fannie Mae and Ginnie Mae, and its history is over thirty years.
    Mortgage backed securitization market is getting matured in our country, nevertheless it will be growing rapidly, because the Government Housing Loan Corporation (GHLC) would issue their MBS steady and continuously.
    However it is important that we shall pursue original securitization model as there are lots of differences in the custom and business system between U.S and Japan. For example, the customers could apply loss mitigation plan when they have difficulties to repay with the securitization model of GHLC.
    Japanese MBS market is still immature; hence, we need more time to develop the infrastructure for securitization, which is well behind of the U. S.
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  • First Category Urban Redevelopment Projects (1st-URP) in Tokyo 23 wards
    Jungmin CHOI, Yasushi ASAMI
    2002 Volume 16 Issue 3 Pages 91-101
    Published: December 27, 2002
    Released on J-STAGE: June 15, 2011
    JOURNAL FREE ACCESS
    This paper examines patterns that the locations of 1st-URPs are clustered near the railway stations for location advantages, and analyzes the characteristics of 1st-URPs inrelation to their distance to railway stations. All the projects were classified into two groups based onthe distance from railway stations, and 102 attributes were compared between the groups. The threshold distancethat divides the two groups was found to be 200meters in Tokyo metropolitan area, which is close to the distance suggested by previous studies analyzing commercial facilities. Results clearly demonstrate that the distance to station strongly influences the realization and characteristics of the 1st-URPs.
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  • Dai UESUGI
    2002 Volume 16 Issue 3 Pages 102-110
    Published: December 27, 2002
    Released on J-STAGE: June 15, 2011
    JOURNAL FREE ACCESS
    This paper examined the influence which the collateral value of land has on the bank profit when a bank finances an enterprise. Especially, the function of land Collateral to reduce information costs should be made important. The amount of reduction was grasped by simulation quantitatively . At first Euler equation was led by the dynamic optimization on the bank profit, and parameters was estimated directly by using GMM. It appeared how much amount of reduction had occurred by land collateral. Consequently, though the amount of reduction had brought a big profit on a bank for the1980's, land collateral had been pressing a bank profit severely for the 1990's after the bubble collapse.
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  • [in Japanese]
    2002 Volume 16 Issue 3 Pages 111-113
    Published: December 27, 2002
    Released on J-STAGE: June 15, 2011
    JOURNAL FREE ACCESS
    Download PDF (6327K)
  • 2002 Volume 16 Issue 3 Pages 117
    Published: 2002
    Released on J-STAGE: June 15, 2011
    JOURNAL FREE ACCESS
    Download PDF (104K)
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