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Strategies & Market Trends : Asia Forum
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To: DRRISK who wrote (11)12/21/1997 10:22:00 PM
From: Kurthend  Read Replies (2) of 9980
 
<<<<<Sunday December 21, 8:43 pm Eastern Time

Goldman Sachs buys Japanese banks' bad loans-paper

TOKYO, Dec 22 (Reuters) - U.S. brokerage Goldman Sachs has begun buying bad loans from Japanese banks, the business daily Nihon Keizai
Shimbun reported on Monday.

Goldman Sachs has already purchased 12.5 billion yen worth of bad loans from Bank of Tokyo-Mitsubishi Ltd (8315.T) and has started negotiations with other banks on similar deals, the paper said.

The loans it is buying are mainly those with land as collateral, it said.

It plans to buy up to 500 billion yen worth of bad loans from the banks in 1998, the paper said.

A spokeswoman for Goldman Sachs' Japanese unit was not immediately available to comment.

A spokesman for Bank of Tokyo-Mitsubishi said the bank had sold bad loans to Goldman Sachs but said he could not confirm other details
immediately>>>>>

My take on this is that Goldman Sachs believes that the market may be near the bottom if not already there. Why would a company such as Goldman Sachs risk approximately $4 billion if they didn't believe the worst was over. Either that or maybe Goldman Sachs is trying to avert a possible meltdown in the US by way of Japan and the rest of Asia. If this was the case, then GS is a very altruistic firm.

Does anyone have the take on land values in Japan in terms of current value vs historical value?
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