Mizuho targets foreign student boom with Japan dormitory fund

TOKYO (Aug 16): Mizuho Financial Group Inc. is raising a fund to build dormitories to profit from the shortage of accommodation for the surging number of international students at Japan’s universities.
 

The Tokyo-based megabank will provide about 15% of the fund’s 10 billion yen ($124 million) in equity, with Marubenri Corp., Tokyo Tatemono Co. and other domestic and overseas investors contributing the rest, Shu Takata, deputy general manager of Mizuho’s real estate finance department, said in an interview. The fund will put that equity, as well as about 10 billion yen in debt, toward constructing dormitories, he said.

“We’ve approached about 50 national universities since March, and we have specific discussions in progress with about 10,” said Takata. “Almost all universities are telling us they don’t have enough accommodation for international students.”

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