Mitsubishi Estate Co., Japan’s biggest developer by market value, will rebuild a Tokyo residential complex where it stopped selling apartments that went for as much as 350 million yen ($3.4 million) after finding defects.
Daiwa House Industry Co., Japan’s biggest homebuilder by market value, plans to invest 150 billion yen ($1.48 billion) in U.S. rental housing, three times more than it had aimed to allocate to overseas investments, to boost revenue.
Japanese real-estate shares may tumble as much as 30 percent over six months after the government confirmed plans to raise the sales tax, damping demand for home purchases, according to Deutsche Bank AG.
BlackRock Inc., the world’s biggest money manager, is helping to drive a revival in Japan’s property market as investors bet Prime Minister Shinzo Abe’s plan to sustain economic growth will boost real estate returns.
Japanese real estate investment trusts are set to double the amount of capital they raise through share sales this year, spurring a recovery in the nation’s real estate market, according to Deutsche Bank AG.
Nomura Real Estate Master Fund Inc., Japan’s largest initial public offering this year, slid in its debut as the investment trust run by a unit of the nation’s biggest brokerage tracked a drop in the market.
Japanese stocks are the biggest winners in the world this year. The yen is down the most of any major currency, helping exporters. And as Prime Minister Shinzo Abe’s efforts to stoke the economy take tentative hold, Japan’s commercial property market is coming back to life.
When Julia Chang, a 48-year-old Taiwanese who divides her time between Taiwan and Tokyo, decided to diversify her family’s overseas investments, she settled on real estate in the Japanese capital where prices have slumped for two decades.