2025.05 跟著台積去九州（1）｜Current J-REITs Market

本專欄由 福岡リアルティ執⾏董事

神野 英哉* 主筆

Japanese Real Estate Investment Trust called J-REITs was founded in 2001. Two investment corporations, Nippon Building Fund sponsored by Mitsui Fudosan Co., Ltd. and Japan Real Estate Investment Corporation sponsored by Mitsubishi Estate Co., Ltd. were listed on the Tokyo stock exchange market with its total asset of 320 billion JPY at first. Total assets of J-REITs reached 23.7 trillion JPY and current listed investment corporations are 57 in April 2025. （日本的不動產投資信託（簡稱 J-REITs）成立於2001年；最初由三井不動產株式會社發起的日本大樓基金（Nippon Building Fund）以及三菱地所株式會社發起的日本不動產投資公司（Japan Real Estate Investment Corporation）兩家投資法人，於東京證券交易所掛牌上市，初期總資產為3,200億日圓。截至2025年4月，J-REITs 的總資產已達23.7兆日圓，上市的投資法人數量為57家。）

J-REITs invested only in office buildings in the first period, but J-REITs currently have been diversified in variety of asset types such as office buildings, shopping centers, rental apartments, logistics centers and others. Average dividend yield at forecast basis is 5.08%, and average NAV, Net Asset Value, is 0.81.（J-REITs 初期僅投資於辦公大樓，但目前已多元化擴展至多種資產類型，包括辦公大樓、購物中心、出租公寓、物流中心等。根據預測基準，J-REITs 的平均股利收益率為 5.08%，平均每股淨資產價值（NAV）為 0.81。）

We’re facing the phase of rising interest rates in Japan since 2024. Due to this change of economic environment, institutional investors are paying attention that the interest cost of J-REITs will become higher in near future. As a result of this change, almost all J-REITs are discounted at their unit price and their NAV are under 1.0.（自2024年以來，日本正處於利率上升的階段。由於這一經濟環境的變化，機構投資者開始關注 J-REITs 未來的利息成本將可能上升。受到此趨勢影響，幾乎所有 J-REITs 的單位價格皆處於折價狀態，其每股淨資產價值（NAV）也多低於1.0。）

 It is theoretical that real estate caprate becomes higher along rising of the interest rate. Moreover, every real estate costs are rising because of rising labor cost, energy cost and goods prices in Japan. However current real estate market in Japan is still bullish. J-REITs are being tested for management and finance in current difficult market conditions.（理論上，隨著利率上升，不動產的資本化率（Cap Rate）也會相應提高；此外，由於日本勞動成本、能源成本以及物價的上漲，各類不動產的成本也同步上升。儘管如此，日本當前的不動產市場依然維持在多頭走勢，在這樣充滿挑戰的市場環境中，J-REITs 的經營與財務能力正面臨考驗。）

• Bank of Japan is trying to rise its interest rate.（日本銀行正試圖提高其基準利率。）

• J-REITs is under overselling. （J-REITs 正面臨超賣壓力。）

• Real estate costs are rising in Japan. （日本的不動產成本持續上升。）

• The price of real estate remains high in Japan. （日本的不動產價格依然維持在高檔。）

Fukuoka REIT is one of J-REITs. We, Fukuoka Realty, are asset manager of Fukuoka REIT. Fukuoka REIT is a unique investment corporation which is based not in Tokyo but in the local city “Fukuoka” and invests only in Fukuoka and Kyushu region.（福岡不動產投資信託（Fukuoka REIT）是 J-REITs 的一員，由我們福岡地產（Fukuoka Realty）擔任資產管理公司；福岡 REIT 是一家定位獨特的投資法人，總部並非設於東京，而是位於地方城市「福岡」，並專注投資於福岡與九州地區。）

The population in many Japanese cities are declining so far, but one of a few cities which have increasing population in Japan is Fukuoka city. The population of Fukuoka city is over 1.65 million and ranked 5th place of population among Japanese municipalities. It is remarkable that the ratio of young generation in population of Fukuoka city is the first place among major Japanese cities. That’s why we focus our investment area on Fukuoka**.（儘管目前日本多數城市面臨人口減少的趨勢，福岡市卻是少數人口持續成長的城市之一 ：福岡市人口已超過 165 萬人，在全日本的市政單位中人口數排名第5，且在主要日本城市中，福岡市的年輕世代人口比例位居第一；正因如此，我們將投資重點聚焦於福岡地區。）

Fukuoka city is in Kyushu region; it is western part of Japan. Kyushu was used to be called as a “Silicon Island” in Japan because major semiconductors were based in many places in Kyushu. Its production was roughly 10% of global semiconductors production in the middle of the 1980’s. After that, the major semiconductor production areas were moved to another East Asian countries such as South Korea, China and Taiwan.（福岡市位於九州地區，也就是日本的西部：九州曾被譽為日本的「矽島（Silicon Island）」，因為過去許多主要的半導體企業皆設立於九州各地；在1980年代中期，九州的半導體產量約佔全球總產量的10%。然而，隨後主要的半導體生產逐漸轉移至南韓、中國、台灣等東亞國家。）

In the last few years, this characteristic of Kyushu has come back because of the business expansion of JASM; a business consortium between TSMC and Sony Semiconductor, in the central of Kyushu, Kumamoto. Their factory No.1 was completed in 2024, and No.2 has just started its construction in 2025. Full production of these factories is expected to begin in 2030. Related to these business activities, it is very expected that a lot of semiconductor companies and related companies will come into Kyushu for their business.（近年來，隨著 JASM（由台積電與索尼半導體共同組成的合資企業）於九州中部的熊本展開業務擴張，九州再度展現其半導體產業重鎮的特色。JASM 的第一座工廠已於 2024 年完工，第二座工廠也已於 2025 年開始動工，預計這些工廠將於 2030 年全面量產。隨著相關企業的進駐，可望有更多半導體與其周邊產業公司進入九州發展業務。）

We believe that Kyushu's business environment is expected to improve further.（我們相信，九州的整體商業環境有望進一步改善並持續發展。）

• * 神野 英哉【簡歷】2006年進入「福岡 REIT」投資法⼈的資產管理公司 - 福岡房地產（股）公司（株式会社福岡リアルティ）；在綜合型投資法⼈的資產運⽤中，⾄今已實際經⼿各類資產約1000億⽇圓之不動產買賣；另外，擔任投資事業負責⼈，須管理約2000億⽇圓投資組合的資產。現為執⾏董事兼投資事業部總經理，專業在投資、經營、私募基⾦等廣泛領域之管理資產運⽤。

  
  

• ** 福岡市現況