Ann: Preliminary Update on Property Revaluations , page-19

re: Ann: Preliminary Update on Property Reval... itrack,

Good point there regarding Nihombashi.

I am by no means a property valuer but commerical properties are valued based on cap rates and cap rates are determined by rent. If that property is indeed still empty then a valuer really has no alternative but to smash its value down....at least a good bit.

If you also look at teh occupancy results from last annual reports etc, the office sector is indeed the part that's the problem. 89% occupied I think with residential at some 99% and Retail at about 95%.

Retail and Residential would have to be jsut about at teh bottom if not already there. The office sector once addressed in temrs of lifting occupancy, will lead to valuations getting back on the right track methinks.