Mitsubishi calls for Japanese REIT mergers after failure

10/20/2008 | Bloomberg

Mitsubishi Corp. UBS Realty CEO Yuichi Hiromoto called on Japanese regulators to create rules that would facilitate mergers of REITs. "No one had expected the market to turn out to be this way, so no regulation related to market consolidation was in place. The government has to review its rules quickly," he said in reference to the collapse of New City Residence Investment Corp., the first Japanese REIT to fail.

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