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.”

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