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Curzon
Author

Curzon

Date

September 5th, 2008

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We are puking our inventories!

This is not typical CA territory, but this is too good not to share. Check out this distressingly honest web page of a Japanese real estate investor-broker. Clearly these people don’t understand the importance of psychology, positioning, and posturing in the delicate art of business negotiating.

Notice to Potential Buyers

We are forced by our lenders to sell them as soon as possible. We will consider ANY and ALL offers. Please note that the Expected Annual Returns given here are based on our realistic assumptions as a property developer familiar with the respective region and are by no means guaranteed.

If you are at all interested in how we are struggling to reduce our inventories, call our English speaking Member of the Board, Taddy Nakai, at +81-3-6386-3412 during Asia market hours or his DoCoMo +81-90-8763-8707 during US & European market hours. If you are a Bloomberg user, his ID is TNAKAI1 and he is usually logged in.

The corporate philosophy section is also a real classic:

Encourage Our Staff to Have Children

Please don’t get the wrong idea. We don’t subsidise the purchase of Viagra® or such medicine nor do we accept the fact that most of our male employees have erectile dysfunctions due to stress caused by current market situations. Anyway, to the point. We believe that it is in the interest of our own nation to slow down the relative aging process of our demographic structure by promoting family values and the idea of large family. Every little helps – our employee will receive a bonus for every new child in his or her family. The amount may not be large enough to truly get every employee to start a family but at least it will serve as an expression of good wish and they can pay for the hospital bills.

Comments to this entry

Yours Truly
September 5, 2008
12:24 pm
"...nor do we suggest that most of our male employees have erectile dysfunctions due to stress caused by current market situations..."

"...it is in the interest of our nation to slow down the relative againg of our demographic structure..."

Somethin' a tiny south east asian state would advise their citizens to do as well.
Mike
September 6, 2008
12:29 am
Might just have to IB this guy for a laugh.
Michael
September 6, 2008
3:16 am
I like this company!! This should be the standard to which truth-in-advertising aspires to!! 'Course, I am worried that the CEO might commit Sepukku (sp?) if the market continues to drag . . .
R. Elgin
September 6, 2008
3:38 pm
Seriously though, the aging workforce of Japan and Korea is not a joke and is cause for great concern in both countries for their economic engines may be running out of petrol to run on.

The Korean Government wanted to turn the failed Saemangum project into a "Korean Dubai" but, upon consulting with foreign economic specialists, though Korea could capitalize the project, they did not have the projected workforce needed to run the project, in additional to several other projects planned. The declining birthrate is a real concern.

Here is another little editorial on this from the Chosun Ilbo:

http://english.chosunilbo.com/w21data/html/news/200809/200809050026.html
Michael
September 11, 2008
11:48 pm
Open question for anyone who can answer (now that Elgin's demanding seriousness): How does the costs of goods, housing and services vary WITHIN Japan? Is there any correlation between that and concentrations of elderly?
anon
October 31, 2008
3:41 am
Actually, I know this guy Nakai-san well. He went to English boarding school and then Cambridge University. He REALLY does understand the psychology of international investors AND that is why he is using such blatantly honest appeals because they REALLY REALLY need to move any and all inventory ASAP! Lenders are truly barking up their asses just like every single other Japanese real estate company...