Ann: Completion of Senior Loan Refinancing and Eq, page-7

re: Ann: Completion of Senior Loan Refinancin... I agree with you both (Brian and ThinkinLoudly). With an Asian background, I certainly believe reputation, relationship and sometimes "face" play a huge role in the way of business in Japan.

I still have confidence in AJA management that they will manage the portfolio reasonably well. In a broader industry view, the real estate market in Japan has been improving, albeit slowly, until the disaster (earthquake and tsunami last month), as in the recent land value reports below:
http://tochi.mlit.go.jp/english/01_04.html

I have been accumulating AJA gradually in the last two years, and expecting the turn around of the RE market. The future however is a little more uncertain, due to the economic hit (eg. manufacturing shutdowns and nuclear crisis). I factored in the risks of earthquake and tsunami, but not the nuclear plant issue. It taught me a lesson, there will always be black swans, diversification is key.

I've reduced my holding just a little bit (hope it helps in offsetting capital gain this FY), but AJA is still one of the largest holdings in my portfolio. I will continue to hold, but with the understanding that the recovery will take much longer than previously expected.