Japan developer sells 10b yen of debt to individuals
Tokyo Tatemono's offering is the first in more than a decade and comes after robust sales of top-floor condominiums in the capital costing more than US$3m
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Tokyo
TOKYO Tatemono Co sold the first bonds by a Japanese property developer to individuals in more than a decade after strong sales of top-floor condominiums in the capital costing more than US$3 million.
The 119-year-old real estate company issued 10 billion yen (S$110 million) of debt to individuals this month in its first such offering to help fund the development of apartments. The six-year notes had a coupon of 0.59 per cent, compared with as little as 0.04 per cent on a fixed bank deposit account of the same maturity.
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