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While the risk-off sentiment spread into financial markets all over the world, the transaction volume of Japanese properties shrank for the first time in four years in 2015. The volume of acquisitions of Japanese properties by cross border capital fell short of half of that of the same period one year ago in the second half of 2015.

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The total return on ungeared direct property investments was 9.0% in the year to end December 2015.

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