THE ASSOCIATION FOR REAL ESTATE SECURITIZATION Vol.07 May-June 2012
Special May-June 2012 3
S pecial 4 ARES Vol.07
May-June 2012 5
THE ASSOCIATION FOR REAL ESTATE SECURITIZATION CONTENTS Special Market Business Trend 6 ARES Vol.07
Vol. 07 May-June 2012 Law, Accounting & Tax ARES MASTER Contribution Essay ARES Information May-June 2012 7
Special NEWS 8 ARES Vol.07
May-June 2012 9
NEWS 10 ARES Vol.07
Special May-June 2012 11
Special 12 ARES Vol.07
May-June 2012 13
Special 14 ARES Vol.07
May-June 2012 15
Special 16 ARES Vol.07
May-June 2012 17
Special 18 ARES Vol.07
May-June 2012 19
Special 20 ARES Vol.07
May-June 2012 21
22 ARES Vol.07
2011 3 2011 8 208 2,000 188 4,000 9 May-June 2012 23
1960 140 1970 170 21 35 39.6 2007 24 ARES Vol.07
May-June 2012 25
26 ARES Vol.07
27 May-June 2012
28 ARES Vol.07
7 7 LTV 176 2011 12 171 97.2 ARES M0801485 1 2 May-June 2012 29
3 30 ARES Vol.07
May-June 2012 31
32 ARES Vol.07
Business Trend ARES M0801577 May-June 2012 33
Business Trend PFI/PPP 2010 34 ARES Vol.07
May-June 2012 35
Business Trend 36 ARES Vol.07
May-June 2012 37
Business Trend 2003 2004 PFI 2010 PPP/PFI PFI / PFI 2007 PFI 2010 PFI 6 2010 PFI 21 2011 PFI / / PFI 2011 PFI 2003 PFI 2009 PPP / / 2011 PFI PFI/PPP 2001 PFI/PPP 2010 38 ARES Vol.07
Business Trend May-June 2012 39
Business Trend 40 ARES Vol.07
May-June 2012 41
Business Trend 42 ARES Vol.07
May-June 2012 43
Business Trend 44 ARES Vol.07
May-June 2012 45
Business Trend 46 ARES Vol.07
May-June 2012 47
Business Trend 48 ARES Vol.07
May-June 2012 49
Business Trend 50 ARES Vol.07
51 May-June 2012
52 ARES Vol.07
May-June 2012 53
54 ARES Vol.07
May-June 2012 55
56 ARES Vol.07
May-June 2012 57
58 ARES Vol.07
May-June 2012 59
ARES M0600830 60 ARES Vol.07
May-June 2012 61
62 ARES Vol.07
May-June 2012 63
ARES M1003766 64 ARES Vol.07
http://www.fsa.go.jp/common/law/guide/kinyushohin.pdf http://www.fsa.go.jp/sesc/kensa/manual/kinyusyouhin.pdf http:/www.fsa.go.jp/sesc/actions/shiteki.xls 1 22 9 8 9 5 2 23 7 27 3 24 1 31 19 7 23 3-1-1 May-June 2012 65
- - 2. (2) BCPBusiness Continuity Plan 66 ARES Vol.07
- - 2. (2) - - 2. (2) May-June 2012 67
3 1 2 41 2 3 1 3 42 2 68 ARES Vol.07
-2-3-2 May-June 2012 69
- - 2. (4) 70 ARES Vol.07
May-June 2012 71
72 ARES Vol.07
May-June 2012 73
74 ARES Vol.07
May-June 2012 75
76 ARES Vol.07
ARES M0600013 May-June 2012 77
78 ARES Vol.07
May-June 2012 79
80 ARES Vol.07
May-June 2012 81
82 ARES Vol.07
May-June 2012 83
84 ARES Vol.07
May-June 2012 85
Contribution 86 ARES Vol.07
PFI PFI PFI 2011 6 8 May-June 2012 87
Contribution consolidated security 10 1% 1,000 2011 4 15 ETF REIT 88 ARES Vol.07
May-June 2012 89
Contribution 90 ARES Vol.07
May-June 2012 91
Contribution ) ) 92 ARES Vol.07
May-June 2012 93
ARES M0902686 94 ARES Vol.07
May-June 2012 95
96 ARES Vol.07
100 May-June 2012 97
ARES M1003876 98 ARES Vol.07
May-June 2012 99
ARES M0902884 100 ARES Vol.07
May-June 2012 101
ARES Information 102 ARES Vol.07
May-June 2012 103
ARES Information 104 ARES Vol.07
4 2 8 4 4 4 5 133 4 11 ( ) 36 4 11 24 4 12 1 GRESB 4 17 56 4 18 2 GRESB 4 26 17 4 27 60 5 11 55 5 22 10 5 24 134 ARES 5 24 11 5 25 66 5 31 71 May-June 2012 105
ARES Information 106 ARES Vol.07
THE ASSOCIATION FORREAL ESTATE SECURITIZATION