Table of Contents
Executive Summary
4
Key Features Of This Report5
SWOT Analysis6
Japan Real Estate/Construction SWOT 6
Japan Political SWOT 7
Japan Economic SWOT 7
Key Projects8
Construction Overview 8
Residential Construction 8
Commercial Construction 8
Major Projects Table 10
Table: Japan - Major Infrastructure Projects 10
Real Estate Investment Trusts, Q20912
Introduction 12
Table: Global REITs At A Glance, Mid-2008 13
A Note On Unlisted Real Estate Funds 15
Table: European Unlisted Funds At A Glance, 2008 15
2008: A Disastrous Year For REITs 16
Table: Investment Total Returns (%, in EUR terms) 16
Table: Gross Total Returns, 2008 (%, in EUR terms) 16
Table: Gross Total Returns, 2008 (%, in EUR terms) 17
Table: Gross Total Returns, 2008 (%, in EUR terms) 17
Table: Substantial Property Sales, 2008 (US$bn) 18
Table: Capitalisation Rates And Spreads Versus Risk-Free Rates 20
Pointers For 2009-2010 21
Industry Finance Outlook23
International Financing 23
Table: Interbank Rates And Bond Yields 25
Table: Comparison Of Total Assets, Client Loans And Client Deposits (US$bn) 26
Domestic Financing 26
Table: Levels (JPYbn) 27
Monetary Policy 27
Industry Forecast Scenario 29
Table: Housing Prices At A Glance - Asia Pacific 29
Office Rents - Asia Pacific - CBRE 32
Constructions 33
Table: Japan - Economic And Construction Data, 2007-2013 34
Macroeconomic Outlook 35
Table: Japan - Macroeconomic Forecasts 38
Real Estate/Construction Business Environment Rating 39
Real Estate/Construction Business Environment Ratings 39
Japan' s RECBER 39
Table: Asia Real Estate/Construction Business Environment Ratings 41
Project Finance Ratings: Outlook For Asia Pacific 42
Table: Design And Construction Rating 43
Table: Commissioning And Operating Rating 44
Table: Overall Project Finance Rating 45
Japan' s Business Environment 46
Company Monitor48
Kajima Corporation 48
J-POWER 50
Obayashi Corporation 52
Sanyu Construction 53
Shimizu Corporation 54
Sumitomo Real Estate Sales 55
Sekisui House 56
Kumagai Gumi 57
BMI Forecast Modelling58
How We Generate Our Industry Forecasts 58
Construction Industry 59
Bank Lending 59
Real Estate/Construction Business Environment Rating 60
Table: Weighting Of Indicators 61
Project Finance Ratings Indicators 63
Table: Design And Construction Phase 63
Table: Commissioning And Operating Phase - Commercial Construction 64
Table: Commissioning And Operating Phase - Energy And Utilities 65
Table: Commissioning And Operating Phase - Transport 66
Sources 68
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