Study about the recognition gap between the real estate market and the money market for the real estate securitization

2015 Fiscal Year Final Research Report

• Project/Area Number: 24618006
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: 土地・住宅・不動産研究
• Research Institution: National Graduate Institute for Policy Studies
• Principal Investigator: Uematsu Takashi 政策研究大学院大学, 政策研究科, 客員教授 (50626653)
• Co-Investigator(Kenkyū-buntansha): FUKUI Hideo 政策研究大学院大学, 政策研究科, 教授 (60251633) ; KUME Yoshiaki 政策研究大学院大学, 政策研究科, 教授 (60316643)
• Project Period (FY): 2012-04-01 – 2016-03-31
• Keywords: J-REIT / オープンエンドファンド / ラストリゾート / バランスシート

Outline of Final Research Achievements

The real estate securitization market in Japan started in 1997. Now, J-REITs market size has been grown next to the United States. When you do a global real estate investment, you cannot ignore the Japanese market now.
But the players in Japanese real estate market recognize that the real estate is important not to invest but own. So almost of all real estate development companies are still now continuing to magnify their balance sheets. It does not fit to the global standard business model in real estate development companies. There is a wide gap between financial market players and real estate market players. It became clear that this gap makes very unique real estate investment market and business models among advanced capitalistic countries.

Free Research Field

人文学