Of Interest

Loading...

Monday, October 4, 2010

Purchase Property with foreign capital may be regulated: Maehara

Japan may consider regulating real estate purchases in Japan bankrolled with foreign capital, Foreign Minister Seiji Maehara said Sunday, in the face of a recent increase in such purchases by Chinese and South Koreans. Speaking during a political debate program on Fuji TV, Maehara said, ‘‘We need to consider some sort of measures’’ to deal with the issue, including legislation.
However, Maehara was also careful to note, ‘‘Japan has attracted very little foreign investment. We should carefully consider (the matter) from various perspectives because, without foreign investment, economic activity could be adversely affected.’’ Some people in Japan are voicing concern that the recent increase in property purchases nationwide by foreign investors represents a security threat.
© 2010 Kyodo News. All rights reserved. No reproduction or republication without written





  • bcbrownboy at 06:13 AM JST - 4th October
    ".... in the face of a recent increase in such purchases by Chinese and South Koreans." Blatant racism? I suppose it was okay when the property was purchased by approved races.



  • susano at 06:40 AM JST - 4th October
    I wonder how much foreign property has been bought with Japanese capital? As usual Japan wants 2 sets of rules.....



  • some14some at 07:21 AM JST - 4th October
    in the face of a recent increase in such purchases by Chinese and South Koreans.
    it should be a matter of concern for these buyers not Japan, Japan should worry about its own investment in China and elsewhere.



  • borscht at 09:34 AM JST - 4th October
    Some people in Japan are voicing concern that the recent increase in property purchases nationwide by foreign investors represents a security threat.
    Security threat to what? A military threat that could cause the fall of the Japanese government to evil invaders - something most property owners are against - or a social threat that could cause the fall of We Unique Japanese to the rest of the world?



  • porter at 09:50 AM JST - 4th October
    If the Maehara pushes legislation to make foreign investment more difficult and/or expensive (taxes), he will help to reduce the price of property even further.



  • Klein2 at 09:50 AM JST - 4th October
    I think Japan should think more about making some law about the use of property instead of controlling who buys it.
    The concern is not about foreigners owning property. The concern is that they are not going to use the property in the way a person usually might. Buying downtown property to set up radio jamming equipment, or buying up agricultural land to build a runway for aircraft might be something worth banning.



  • american_bengoshi at 09:53 AM JST - 4th October
    Seriously, how much Japanese capital has been used to purchase real estate in foreign countries over the past 40 years? However, I do think Japan needs to adopt a law restricting residential real estate purchases to residents of Japan. Foreign residents should have to live in Japan at least 1 year to purchase residential real estate.



  • mushroomcloud at 10:04 AM JST - 4th October
    Japan owned by foreigners.
    This would not have happened if Japan's leaders didn't screw up so badly over the past 20 years.
    Can't believe how far Japan has fallen.



  • Piglet at 11:16 AM JST - 4th October
    The real threat is for Japan to be even less attractive than it is now. Japan has attracted minuscule amounts of foreign investment and they want to limit it even further? This doesn't make any sense.
    This country is shooting itself in the foot.



  • Kwaabish at 01:28 PM JST - 4th October
    I guess it all depends on what kind of regulations they mean... perhaps start with a FIRPTA type of rule?



  • lemur at 02:27 PM JST - 4th October
    Just reading between the lines here, but I think the minister is not referring to flashy downtown purchases, but to land in geographically sensitive areas, that is to say land close to the countries in question. With population declining in outlying areas, it becomes easier for ousiders to influence municipal assemblies. If a foreign resident moves in, be they person or corporation, one could wonder if they have the municipality's best interest at heart, or if they have an agenda that serves interests in another country.
    Not saying I would agree with sweeping regulations (or even generalizations), but I understand that there does exist a potential for abuse. Perhaps a red flag system whereby the municipality notifies the central government when a land purchase is suspect?



  • Piglet at 02:51 PM JST - 4th October
    @lemur
    I would like to see the original Japanese version, but the English translation says "nationwide". It is wishful thinking to imagine it would apply only to outlying areas.



  • jruaustralia at 05:21 PM JST - 4th October
    Property purchases with foreign capital may be regulated: Maehara
    Good. Real estates purchased by foreign capitals do increase the pressure on i. rates. High i. rates equals high currency value. And if all things become unruly-- it spells S-P-A-I-N. All the best Japan!

No comments:

Post a Comment