• SHARE

Akira Mori, Japan’s richest man, spent a record ¥231 billion buying Tokyo’s Toranomon Pastoral Hotel last September. He now says it’s worth closer to ¥200 billion.

“The boom we’ve enjoyed for the past few years is over,” said the 71-year-old chief executive officer of Mori Trust Co., who teamed with K.K. DaVinci Advisors, a ¥1.2 trillion Tokyo-based property fund, for the acquisition. “Investors were convinced that prices would keep rising, so in about six months, they’ll probably rush to get out regardless of price.”

Unable to view this article?

This could be due to a conflict with your ad-blocking or security software.

Please add japantimes.co.jp and piano.io to your list of allowed sites.

If this does not resolve the issue or you are unable to add the domains to your allowlist, please see out this support page.

We humbly apologize for the inconvenience.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW

PHOTO GALLERY (CLICK TO ENLARGE)