Foreign buyers pipped at the post on land purchases in Hokkaido
Hokkaido Prefecture will be introducing support measures that will provide funding to local cities, towns and villages so that they may purchase tracts of land that foreign investors are planning to buy.
The measures are being introduced in response to growing concern over acquisition of forestry and water sources by foreign investors with unclear motives.Read more
Kobe Airport land not selling
Blocks of commercial land on the man-made Kobe Airport Island are not selling as well as expected. In 2011, not a single parcel of land was sold.
Construction of the island was financed through the issuance of municipal bonds, and the city planned to repay the bonds by selling off blocks of land to various enterprises.Read more
Singapore investor makes headlines after buying forestry in Gunma
An investor from Singapore has been the subject of an article in the Yomiuri newspaper after purchasing 44 hectares of forestry in Gunma Prefecture. The land, which is near the source of the Agatsuma River in Tsumagoi Village, was purchased by the investor in September 2011.
An employee from the Tokyo-based real estate agency that brokered the sale said the purchase formed part of the buyer's overall investment plan, but there was no indication that the buyer was after a water source.Read more
Kanagawa Pref. to sell site of planned governor's residence
Kanagawa Prefectural Governor Yuji Kuroiwa announced that the planned construction of the official governor's residence has been canceled and the land will be put up for sale.
In the event of a disaster, the prefecture wanted the governor to live within walking distance to the prefectural office. However, the prefecture's worsening financial conditions have forced them to cut back on some expenditures.Read more
Chinese government buys 15,000 sqm site in Niigata
The Chinese government has acquired a 15,000 site in Niigata City to construct their new consulate. The site is larger than the Tokyo Dome and some are wondering why they need such a large property.
In 2010, China was going to buy city-owned land but local residents strongly opposed the sale and it was eventually cancelled. This time, however, the Chinese government purchased from a private individual, and local opposition groups did not find out until after the sale was completed.Read more
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