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Amid Restructuring, Japan's Real Estate Companies Sharpen Focus on Profitability Sep 02
Standard & Poors, Sep 2002
Abstract
A decade of falling real estate prices and poor prospects for a recovery are causing Japan's real estate companies to reconsider old business structures based on the assumption that an eventual economic rebound will lead to a rise in land prices. Overall, companies have made reasonable progress in dealing with nonperforming and overvalued assets acquired during the 'bubble' period. The credit quality of Japan's major real estate companies will largely depend on their success in stabilizing earnings by improving risk management and better balancing their business portfolios between riskier investments, such as property development, and more stable operations, such as property leasing and fee businesses. The five major companies rated by Standard & Poor's-Mitsubishi Estate Co. Ltd., Mitsui Fudosan Co....
Companies mentioned in this report are: Mitsubishi Estate Co. Ltd.,Mitsui Fudosan Co. Ltd.,Sumitomo Realty & Development Co. Ltd.,Tokyu Land Corp.,Tokyo Tatemono Co. Ltd.,Tokyu Corp.,Japan Real Estate Investment Corp.,L'attrait Co. Ltd.,Nippon Building Fund Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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