Word: reit
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...from engulfing the larger domestic economy. Commercial and residential real estate markets in Japan are slumping, and with banks reluctant to lend, developers, contractors and other property companies are increasingly in peril. On Oct. 9, New City Residence Corp., a real estate investment trust, went bust, becoming the first REIT to fail since the trusts were allowed to sell stock to the public. "Property developers could face more bankruptcies if banks continue their severe attitude," says Masahiro Mochizuki, a REIT analyst at Credit Suisse in Tokyo. "And companies in other sectors may go bankrupt because the economic condition in Japan...
...Europe. Japan's national banks are considered to be in much better shape than counterparts in the West. But after the recent failures of Yamato Life Insurance Co., one of the country's major insurers, and New City Residence Investment Corp. a real estate investment trust (REIT), government officials are pushing to reactivate the law as a precautionary measure. "Huge storms are coming to Japan from abroad," says Masaaki Kanno, chief economist at JPMorgan Securities Japan. "It's not a bad idea to set up those laws to avoid or minimize the worst situation...
...indication of an ailing insurance sector, some economists say there is growing concern about Japan's property market and the damage that could be done to the banking system if real estate developers and owners began failing in large numbers. New City Residence Investment Corp. became the first REIT to go under since stocks of property trusts were first allowed to trade publicly on the Tokyo Stock Exchange in 2001. "The major REIT failure last week has affected the regional banks' balance sheets," says Shirakawa, adding that the trusts could be bellwethers signaling trouble for the real estate sector...
...residential REIT--Equity Residential--and thus have an interest in how housing plays out. We're already starting to see investors renting instead of selling homes they bought, because they can't unload them. And a glut of new rental housing could impact rents in buildings like yours. Where is housing headed...
Even now, it's not all wine and roses. Vintage Wine Trust, a private REIT formed in San Rafael, Calif., in January 2005, is already looking at alternatives to taking the company public. Chief financial officer Tamara Fischer says finding buyout targets and persuading wineries to sell through sale-leasebacks have been tougher than expected. "We thought we'd have $300 million invested in 18 months," she says. "But at 28 months, we only have $165 million...