panese congMori, a Jalomerate, has broken its lull and announced plans to invest $1.2 billion in new real estate.
After a four-year hiatus, Japanese billionaire Akira Mori revealed that his Tokyo-based Mori Trust Co. will begin purchasing properties worth up to 100 billion yen ($1.2 billion) in Tokyo, New York, and London. Mori Trust Co. is the most profitable privately owned construction company in Japan. qatar sales Mori's business will be making its first big investment since the end of Japan's real estate boom in 2008. Mori's announcement comes as the yen rises and local real estate prices rebound. Mori stated that his company's overseas acquisitions will be focused on properties whose values can endure market downturns, and that the company may consider partnering with other investors in major cities like New York and London. "When the market is weak, property in a desirable location is good because it appears to be the last to drop in value," Mori said, referring to properties in New York City. "The cheapest assets are the first to depreciate and the last to...