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Real estate errors hurting school, recreation center

Date Posted: 2009-02-18

The breakup of the former Japan Postal Service Public Corporation nearly two years ago sent realtors into a frenzy buying up the public property for resale to private companies, schools and individuals.

It’s not going smoothly, as auditors discover that many of the properties across Japan were mispriced. Nationwide, 178 properties were sold by the Japan Postal Service Public Corporation, including some in Okinawa. The trouble is, financial administrators goofed and sold properties for only ¥1,000 each. They’re now regrouping, going back and re-charging purchasers.

A 9,800 square meter property in Yaese Town’s recreation center area was sold to a Tokyo real estate company for ¥1,000. The real estate company sold that same property to Okinawa Shogaku High School Corporation for ¥49 million. “First, we got an offer from an Okinawa real estate company to sell the land to us for ¥36 million,” a Shogaku high School Corporation official says, “but one month later came back and told us the cost was up to ¥49 million.”

The school bought the land, and is using it a tennis and baseball practice facility. Now, though, the former Japan Postal Corporation has done a reevaluation of the Kochinda recreation center property and increased its price to ¥62.567 million. “It’s an unbelievable story for us,” a Shogaku High School Corporation official says, “but we’ll have to start from scratch. We don’t know what’s going on with this property, since we got it in the right way.” He adds “we haven’t done anything wrong, but if the Japanese government says the deal has to be renegotiated, we’ll have to renegotiate.”

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