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Real Estate Industry Japan

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BUSINESS
August 20, 1989 | KARL SCHOENBERGER, Times Staff Writer
After pumping $2.7 billion into the United States over the past several years, Shigeru Kobayashi owns a large chunk of downtown Los Angeles and a string of landmark American office buildings. He hobnobs with presidents, dabbles in philanthropy and celebrates his achievements in a high-profile publicity campaign. But he has an image problem at home. Kobayashi, 62, founder and president of the real estate giant Shuwa Corp.
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BUSINESS
August 8, 1999 | MARK MAGNIER, TIMES STAFF WRITER
"For such a small building, I don't know why they used so much marble," says Sam Kaneko, president of the L.A.-based DaVinci investment group, marveling at the wastefulness as he surveys one of the 16 Tokyo office buildings he recently purchased. "It's typical [speculative] bubble stuff."
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NEWS
February 24, 1996 | DAVID HOLLEY, TIMES STAFF WRITER
A white Mercedes-Benz with tinted glass, a trademark vehicle for yakuza, Japan's mobsters, waited in front of the 11-story luxury apartment, engine running, a glamorous young woman at the wheel and a tough-looking man by her side. Inside the entryway, the man's voice on the intercom was rich with self-confidence when a visitor asked if his unit was occupied by the Bukyokai, a subgroup of Japan's biggest yakuza gang. "You've done your homework well," he said with a laugh.
BUSINESS
May 11, 1999 | From Bloomberg News
CB Richard Ellis Investors will build and sell condominiums in Japan in a joint venture with Dia Kensetsu Co., Japan's second-largest condominium builder, a spokesman for Dia Kensetsu confirmed. CB Richard Ellis Investors is a unit of Los Angeles-based CB Richard Ellis Services Inc. Dia Kensetsu had been seeking a business partner that can provide capital after its creditor bank, Nippon Credit Bank Ltd., was placed under government control last year.
BUSINESS
February 5, 1992 | JAMES FLANIGAN
In all the furor over Japanese officials mouthing off about U.S. workers and managers, less notice has been taken--on this side of the Pacific anyway--of the economic troubles bubbling up in Japan and of pressures on Japanese companies and industries. Those pressures are very real and could explain why the normally reserved Japanese have begun to sound arrogant, ill-informed and boorish--like their nemesis, Lee A. Iacocca of Chrysler.
BUSINESS
May 29, 1990 | ELAINE KURTENBACH, ASSOCIATED PRESS
Japan's land prices are so inflated that many experts fear a sudden drop could devastate domestic financial markets and send shock waves throughout the global economy. Nonetheless, few believe that such a calamity is likely. Although pressure for land reform in Japan has grown dramatically over the past year, any changes are expected to be slow and cautious. Japan is only 4% the size of the United States, but its real estate assets are worth $14.9 trillion--four times the value of all U.S.
BUSINESS
February 9, 1989 | From Reuters
Tokyo's Ginza ousted New York's East 57th Street as the most expensive in the world for retail rental rates in 1988, according to a new survey. With rates for retail space soaring to $650 a square foot, Tokyo's most famous shopping street moved to first place in 1988, topping a field that also included New York's Fifth Avenue, Beverly Hills' Rodeo Drive and London's Bond Street, according to the Hirschfeld Cos., a New York retail real estate brokerage that compiled the annual survey.
BUSINESS
May 11, 1999 | From Bloomberg News
CB Richard Ellis Investors will build and sell condominiums in Japan in a joint venture with Dia Kensetsu Co., Japan's second-largest condominium builder, a spokesman for Dia Kensetsu confirmed. CB Richard Ellis Investors is a unit of Los Angeles-based CB Richard Ellis Services Inc. Dia Kensetsu had been seeking a business partner that can provide capital after its creditor bank, Nippon Credit Bank Ltd., was placed under government control last year.
BUSINESS
January 24, 1994 | From Times Staff and Wire Reports
Government May Create 'Land Bank': The bank would buy idle real estate assets and sell them to institutions and local governments for use in public works projects, the Yomiuri newspaper reported. It would also sell to the private sector properties that are not sold to government bodies, said the paper, which did not name its sources. Japanese banks have been weakened as the drop in land prices has hurt many borrowers' ability to repay loans.
BUSINESS
March 26, 1999 | MARK MAGNIER, TIMES STAFF WRITER
Real estate prices in Japan fell in 1998 for the eighth straight year, the government reported Thursday, extending a decline that has eroded the wealth of Japanese consumers and battered the nation's psyche.
BUSINESS
January 27, 1999 | Bloomberg News
CB Richard Ellis Inc., the world's largest real estate services company, said it has agreed to merge its business in Japan with Ikoma Corp. The merger with Osaka-based Ikoma, which has 21 offices, would expand CB Richard Ellis' presence in Japan and give it a stronger foothold for Asian operations. The merged entity would be 80% owned by Ikoma and 20% by Los Angeles-based CB Richard Ellis. Other terms were not disclosed. Ikoma's President Tatsumi Hanaya would head the merged companies.
BUSINESS
December 22, 1997 | Bloomberg News and
Goldman, Sachs & Co. plans to buy as much as $3.86 billion in bad loans from Japanese banks in a bet that the Japanese real estate market will rebound, Nikkei English News reported. The New York-based firm expects property prices, which have fallen 74% in Japan's biggest industrial areas since 1990, to hit bottom soon and begin a recovery, the news service said. The move comes as the Japanese government's efforts to deregulate financial markets create broader opportunities for U.S.
BUSINESS
April 1, 1997 | DAVID HOLLEY, TIMES STAFF WRITER
The government Monday released a plan to address the bad-loan problems of Japanese banks by boosting the moribund property market, but analysts and investors generally found the much-anticipated package disappointing. Many observers said the measures fall short of expectations initially raised in mid-March, when Prime Minister Ryutaro Hashimoto set the end of the month as a deadline for bureaucrats to come up with the bailout plan. In early trading today, the Nikkei index--which had shot up 2.
NEWS
January 24, 1997 | SONNI EFRON, TIMES STAFF WRITER
In a reinterpretation of recycling, a used-book store in remote northeastern Japan is giving away land on a forested mountainside in exchange for customers' old books. The idea has become an instant hit with the book-loving and increasingly environmentally conscious public, not least because most Japanese homes are far too cramped for hoarding books. Stratospheric real estate prices have killed off many of Tokyo's used-book stores, and the survivors generally offer only recent bestsellers.
NEWS
February 24, 1996 | DAVID HOLLEY, TIMES STAFF WRITER
A white Mercedes-Benz with tinted glass, a trademark vehicle for yakuza, Japan's mobsters, waited in front of the 11-story luxury apartment, engine running, a glamorous young woman at the wheel and a tough-looking man by her side. Inside the entryway, the man's voice on the intercom was rich with self-confidence when a visitor asked if his unit was occupied by the Bukyokai, a subgroup of Japan's biggest yakuza gang. "You've done your homework well," he said with a laugh.
BUSINESS
December 22, 1997 | Bloomberg News and
Goldman, Sachs & Co. plans to buy as much as $3.86 billion in bad loans from Japanese banks in a bet that the Japanese real estate market will rebound, Nikkei English News reported. The New York-based firm expects property prices, which have fallen 74% in Japan's biggest industrial areas since 1990, to hit bottom soon and begin a recovery, the news service said. The move comes as the Japanese government's efforts to deregulate financial markets create broader opportunities for U.S.
BUSINESS
September 26, 1994 | DAVID HOLLEY, TIMES STAFF WRITER
Mitsuo Kon and his wife have talked of buying a new home for the past few years. This month, they decided the time had come to make a move. They found a "bargain"--a 1,000-square-foot, $567,000 condominium under construction 45 minutes by train from downtown Tokyo. "Prices are cheaper than two or three years ago. It looks like it's affordable for us," Kon, 56, said after filing an application to buy the unit.
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