Kyodo News The sale of 12 health resorts to repay debts incurred by the now-defunct Pension Welfare Service Public Corp. is not proceeding smoothly because the local governments that were asked to purchase them are all refusing to do so.
The corporation chalked up losses of 2.3 trillion yen in fiscal 2000 alone and was replaced by the Pension Management Fund in April. The fund is now investing in national bonds and stocks, using part of its 147 trillion yen reserve fund collected from contributions for welfare and national annuity pensions.
Opened in the 1980s, the Greenpia health resorts, located nationwide from Hokkaido to Kagoshima, each have a large area of land and are equipped with campsites as well as first-class lodging facilities.