Consider the Good & the Ugly but Avoid the Bad
November 13, 2006 -
When an asset class has been downtrodden for a long period of time, I tend to look at it and assess whether conditions have changed that now favor an awakening from long periods of hibernation. Japanese REITs, or J-REITs as they are better known, may just be one of those opportunities, specifically apartment/residential REITs in Tokyo. There is almost nothing uglier than Japanese real estate right now. By ugly, I mean an asset class that nobody likes, but not necessarily an asset class that does not offer opportunities. On the good side are REITs that are emerging and poised for rapid growth. Hotel and resort REITs in Shanghai and Beijing fit this bill. And as for the bad, well, just avoid the bad.
Even though most JREITs seem fairly valued right now,
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