Fukuoka's Island City land not selling
In a similar fashion to Yokohama's Minato Mirai district, Fukuoka City's manmade island is also running at a huge loss.
According to the city, the deficit at the time of the project completion was 18 billion Yen (23.4 million USD). In 2009, the city had forecast land sales to result in a 12.5 billion Yen positive balance. However, poor economic conditions meant that land values fell from 13,000 to 10,000 Yen/sqm, plunging the project into the red.Read more