不動産証券投資をめぐるグローバルマネーフローと東京における不動産開発(<特集>グローバル化時代の大都市-東京(圏)に焦点をあてて-) Global Money Flow into the Asset Backed Securities Market and Real Estate Development in Tokyo(<Special Issue>Metropolis in the Global Age: Focusing on Tokyo)
In the late 1990s, as a reaction to economic depression, the Japanese Government implemented policies that encouraged structural reforms. Real estate securitization in Japan has used as the policy tool which leads investment funds into the real estate market and improves its liquidity. Investment funds thorough the real estate securitization have bought properties which spined off from disposal of massive bad loans and off-balance-sheet activities. Japanese Real Estate Investment Trust (J-REIT) is the only scheme of real estate securitization which offers shares to the public. This study focuses on J-REIT because of their guaranteed disclosures. In December 2007, 42 J-REITs are listed on the Tokyo Stock Exchange and Jasdaq Stock Exchange, and their total assets are reached 6.7 trillion yen. Equity shares of J-REIT shows that financial institutions in Japan, like trust banks and regional banks are the primary investor of J-REIT. The equity share of the financial institutions is 50 percent and their share amount 1.7 trillion yen. Those numbers reflect the hardships of regional banks. Relatively few financing opportunities in their local region made regional banks so active in equity investment for J-REIT. Meanwhile, overseas investors hold share of 30 percent of equities of T-REIT and their share amount 1 trillion yen. Overseas funds are mainly flow from world financial centers such as London and New York. It is assumed that London connects petrodollar from Middle East and Russia, into Tokyo. Contrary to equity shares, debt shares of J-REIT are mainly hold by financial institutions in Japan by 95 percent. The Bank of Japan's easing monetary supply accelerated the zero interest rate policy to the quantitative relaxation policy after March 2001. The quantitative relaxation policy is that deposits of financial institutions are controlled by the Bank of Japan. The amount of deposits went to as high as 35 trillion yen. Financial institutions were required to operate those affluent liquidities. Although a large part of liquidities flew into Japanese Government Bond, the other flew into J-REIT as bank loans. Allocations of buildings based on purchased prices are largely concentrated in urban areas, namely the Tokyo metropolitan area and the Osaka metropolitan area. Especially, 62.5 percent of all the properties invested by J-REIT are located in the Tokyo prefecture. Furthermore, 61.3% of all the properties are in the inner city of Tokyo. This concentration of investment means that 3.6 trillion yen (about 32 billion dollars) are speculated into the real estate market of the inner city of Tokyo. To investigate the impact of J-REIT for real estate development in the inner city of Tokyo, difference between completion date and acquisition date of buildings by J-REIT are calculated. As a result, differences between completion and acquisition date are short in asset classes like residence and commercial buildings. Thus, residence and commercial buildings are developed in the inner city of Tokyo to sell for J-REIT. Affluent funds of real estate securitization motivate small and medium sized developers to develop those assets. Real estate securitization in Japan works as money absorber not only from overseas funds but also from regional funds and individual financial asset in Japan. Those corrected liquidities are concentrated into the inner city of Tokyo. In the 1980s, Tokyo was the money supplier of the world economy. In the beginnings of the 21st century, however, Tokyo becomes one of the financial instruments which attract world wide funds.
経済地理学年報 54(4), 292-309, 2008