"Landholding is everything," the popular credo espoused by many Japanese firms, is losing its appeal as the business world shifts its attention to real earnings rather than latent real-estate profits, according to a fiscal 1999 government white paper on land released Friday.
According to the white paper, a National Land Agency survey of major companies conducted in January and February found that only 4.9 percent of respondents placed importance on asset-holdings, while 76.2 percent of respondents focused on cash flows.
The survey also revealed that 48.1 percent of respondents planned to refrain from selling real estate while seeking to promote the effective use of assets. Another 27.6 percent of respondents said they planned to sell properties.