Real Estate Finance in Japan Is Gaining Momentum

Abstract

I.   Introduction
A.   Economic Recovery and Revival of the Real Estate Markets
B.   Increasing Foreign Investments
II.   Characteristics of Real Estate Markets in Japan
A.   General Features and Trends
B.   Basic Policies and Legal Regulations
III.   Investment Law
A.   Overview
B.   Non-regulated Real Estate Funds
C.   Real Estate Specific Joint Business
D.   Investment Trusts and Investment Corporations
IV.   Trust Law and Trust Business Law
A.   Trust Law
B.   Trust Business Law
V.   Real Estate Monetization
A.   Characteristics of Real Estate Monetization
B.   The Specific Purpose Company (tokutei mokuteki kaisha)
VI.   Credit Securities
A.   Overview
B.   Hypothec, Maximum Hypothec, and Joint Hypothec
C.   Pledge of Rights
D.   Assignment of Rent Receivables
E.  Personal Guarantees
VII.   Position of Secured Creditors in Insolvency Procedures
A.   Laws with the Aim to Reorganize (Rehabilitate) a Business
B.   Laws with the Aim to Liquidate the Insolvent Business
C.   Private Arrangement Procedures (Out-of-Court Workouts)
VIII. Outlook: From Security Exchange Law to Financial Instruments and Exchange Law