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A Morgan Stanley property fund failed to make $3.3 billion in debt payments by a deadline on Friday, handing over the keys to a central Tokyo office building to Blackstone (BX.N) and other investors, the largest repayment failure of its kind in Japan.
Goldman Sachs has given up ownership of one of its most high-profile investments in Japan – the Tiffany Building in Tokyo’s Ginza neighbourhood – in a move that highlights the problems facing many foreign investors who acquired real estate in Japan before the global financial crisis.
Originally posted by burdman30ott6
reply to post by YouAreDreaming
Tough to say if this latest move was a continuation of the Global Depression or related more to the nuclear disaster, really. I would expect that Fukushima has likely just exacerbated already existing economic weaknesses and issues, making corporations' decisions to bail n investments in Tokyo easier to make.
Originally posted by beezzer
I'm a bit of a nebbish when it comes to finance, but won't Japan have to call in its debt-marker to the U.S.?
Won't that just hurt us even more in the long run?