リポートNo.230「Ｊ-REIT市場に底入れ兆し、本格的な回復にハードルも」を発行しました。Report No.230"J-REIT Market: Signs of Bottoming Out, But Sustained Recovery Faces Hurdles"delivered
- J-REIT市場が昨年秋の金融危機とREIT初の破綻を受けて急落した後、金融庁は2件目の破綻は絶対避ける方針を固めたもよう。
- 今年9月以降、市場機能と信頼の回復に向けた動きが続いている。ただ、不動産融資を日本の銀行が回避する限り、本格的な市場回復にはハードルがある。
- J-REITの売買主体は短期利益を狙う海外勢が主体。国内の購入者は一部の富裕層に限られ、国内運用手段の多様化という目的と現状はかけ離れている。
不動産投資信託（J-REIT）に持ち直しの兆しが続いている。J-REIT市場は、リーマンショックの影響が濃かった昨年10月9日、運用資産1900億円の住宅大手ニューシティ・レジデンス（ＮＣＲ）投資法人が突然破綻したことから急落、同月28日に東証ＲＥＩＴ指数は704.46と最安値を記録した。その後回復し、今年７月に1000台に乗せた後、9月以降は株価の下げに歩調を合わせるように下落、先月末から持ち直している。
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- After Japan’s J-REIT market plunged in the fall of last year following the first J-REIT failure amid the global financial crisis, we learned that the Financial Services Agency (FSA) was determined to prevent a second J-REIT failure by any means.
- Since September this year, a slew of moves to restore market function and credibility have emerged. As long as Japanese banks avoid real estate lending, however, the J-REIT market will have to overcome a number of hurdles to achieve a sustained recovery.
- Overseas players seeking short-term profits are the main players in the J-REIT market. With only a small number of wealthy investors purchasing J-REITs in Japan, the current situation has moved a long way from the original primary objective of providing a diverse means of fund management in Japan.
Sings of recovery in the J-REIT market have been observed. On October 9 last year, when the immediate impacts of the Lehman shock were rampant, a major residential J-REIT, New City Residential (NCR) Investment Corporation, with Y190 billion in assets suddenly collapsed, causing the market to plunge. On October 28, the Tokyo Stock Exchange REIT Index hit a low of 704.46 before it began to pick up. After recovering above the 1,000 mark in July this year, the TSE REIT index started to fall in September along with the decline in Japan’s stock market, but the index has somewhat recovered since late November.
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