Japan’s property market booming
More than 10 companies submitted proposals to buy the government-held portion of the Otemachi Place complex in Tokyo before the deadline Thursday. The price could top the Japanese record for a finished high-rise building, set by last year’s estimated 300 billion yen sale of ad agency Dentsu’s headquarters in Tokyo. The bidding war confirms that a weak currency and ultralow interest rates have drawn both foreign and domestic investors eyeing healthy returns. The final decision about the buyer will be made in September.
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