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Japan Real Estate Investment
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M. A. Hines
ISBN: 1-56720-374-4
ISBN-13: 978-1-56720-374-5
336 pages
Praeger Publishers
Publication: 2/28/2001
List Price: $119.95 (UK Sterling Price: £82.95)
Availability: Print on demand
Media Type: Hardcover
Trim Size: 6 1/8 x 9 1/4
Subjects:
Description: From long personal experience, research, and private conversations with international real estate investors, analysts, and marketing executives, Dr. Hines identifies succinctly and precisely the differences between investing in Japanese real estate and real estate elsewhere--the crucial differences, plus the risks and hazards that real estate professionals must know and understand. She shows that the new Japanese economic environment is having its affect on real estate there, how foreign investors are influencing the value of property and the systems to analyze it, and why the financing of real estate in Japan through loan and equity securitization is on the rise. Real estate professionals will be particularly interested in her coverage of commercial and residential property, while specialists with other interests will also get an unusual view of Japanese urban planning, land development, and tenure changes over time, information that is rarely available in English.

Dr. Hines focuses on the Tokyo metropolitan area and on office buildings and shopping centers, in general but she also covers residential and industrial property investment across Japan. Readers will get a quick view of the new investment climate and aspects of economic, cultural, governmental, and environmental change in Japan. She gives a brief history of Japanese land tenure and views current land planning and control from a historical perspective. For real estate professionals there are chapters on leasing, marketing, land development, and construction, and she delineates the differences between Japanese real estate appraisal and international valuation methods and practices. Also noted is the increased use of income capitalization methods. Dr. Hines examines differences between Japanese and international real estate investment methods of analysis, particularly in light of Japanese real estate financing and taxation. She also illustrates the imputed interest charge methods of investment analysis and gives special emphasis to internationally approved discounted cash flow analysis. Finally, the book examines the trend toward real estate securitization and shows how banks and other financial institutions are reducing their real estate lending and restructuring themselves to prepare for a new era of economic reform.
Table of Contents:
  • Introduction
    The Japanese Economy
    The New Investment Climate: Culture and Environment
    History of Land Tenure in Japan
    Land Planning and Control: New Approaches
    Leasing and Marketing Japanese Real Estate
    Land Development and Construction
    Appraising Japanese Real Estate
    Real Estate Investment Yields and Their Measurement
    Financing Japanese Real Estate
    Taxation Affecting Japanese Real Estate Investment
    Real Estate Securitization
    Prospects for the Future
    Index
About the Author: M. A. HINES has held the Clarence W. King Endowed Professorship of Real Estate and Finance at Washburn University, Topeka, Kansas, since 1982. She is author of four major real estate textbooks and more than 37 international—and U.S.—oriented books and monographs, five published by Quorum: Investing in Japanese Real Estate (1987), Guide to International Real Estate Investment and Marketing Real Estate Internationally (both 1988), Global Corporate Real Estate Management (1990), and The Development and Finance of Global Private Power (1997).
LCC Class: 332
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