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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: NOW who wrote (51065)12/25/2000 11:40:50 AM
From: Box-By-The-Riviera™  Read Replies (1) of 436258
 
interesting story.

I met a guy in Tokyo who had a piece of land near the emperor's residence. In the height of the real estate bubble there, he was offered one billion dollars and a penthouse apartment on top of the building the buyers wanted to build... Instead he took out a loan for something like 600 million and built his own building. Needless to say he is on paper one broke dude sitting on a huge pile of debt with his bankers afraid to foreclose.... meaning they would have to mark the property to market. This is still true all over Japan with billions and billions of debt that is still not unwound from 10 years ago. Add the government's spending over the last two and three years trying to jump start the economy and you have a country floating on nothing but national and private debt. Bye bye Japan, Hello China.

J
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