The company behind the real estate crowdfunding platform “Minna de Ooyasan” (Everyone’s a Landlord) has had its business license revoked by Osaka Prefecture under the Real Estate Specified Joint Enterprise Act, after failing to pay out distributions on time and failing to return the principal it had promised investors. More than 37,000 people put money into the fund, and lawsuits have already been filed over the halted payouts. Since the product was widely known from TV commercials touting annual returns of around 7%, the thread was full of warnings about high-yield investments, questions about how it differs from REITs, and calls to hold the TV networks that aired the ads accountable.
Real estate fund “Minna de Ooyasan” (Everyone’s a Landlord) heads toward de facto shutdown — over-indebted and failing to honor its return promises… Osaka Prefecture revokes its business license; over 37,000 investors affected, lawsuits filed as payouts stop
One after another, huh… Everyone, keep saving your cash — don't go dreaming that the yen will strengthen and prices will drop.
11AnonymousSep 1, 2026 17:30
Re: #3 If the yen's going to weaken, hoarding cash is the wrong move lol — better buy physical assets while you still can.
6AnonymousSep 1, 2026 17:30
It's astonishing how low Japanese people's financial literacy is, that they'd invest in something like this.
219AnonymousSep 1, 2026 18:00
Re: #6 7% actually sounds realistic. Apparently if you self-manage one of those "Kabocha no Basha" (the 2018 share-house investment scandal) properties yourself, you can pull in about 6% profit. A 5-year contract at 7% annual return — the numbers alone don't look that suspicious.
30AnonymousSep 1, 2026 17:34
What's the difference from a REIT?
42AnonymousSep 1, 2026 17:36
Re: #30 I guess the main thing is you can't buy or sell it on the open market, for starters.
77AnonymousSep 1, 2026 17:41
> 7% annual return — there's no way a deal that good is real, and yet this is a country where even people with money keep falling for stuff like this in droves.
146AnonymousSep 1, 2026 17:49
Re: #77 That's just hindsight talking, you can say anything after the fact. Same with crypto or the semiconductor bubble — now everyone says 'obviously that was going to crash eventually,' but back then everywhere you looked people were saying prices would rise forever and anyone who didn't buy in was an idiot.
81AnonymousSep 1, 2026 17:41
With that many TV commercials airing, there's bound to be a flood of victims.
97AnonymousSep 1, 2026 17:43
Re: #81 Huh. Makes you wonder if the TV networks can be held responsible.
83AnonymousSep 1, 2026 17:41
What's going to happen to Ise Ninja Kingdom?
122AnonymousSep 1, 2026 17:46
Re: #83 It's been "temporarily closed" forever, so it'll probably just stay shut for good.
90AnonymousSep 1, 2026 17:42
Even the S&P 500 or Orikan (the popular eMAXIS Slim All Country index fund) don't guarantee your principal, you know.
300AnonymousSep 1, 2026 18:09
Re: #90 Well, it was sold as 'principal refunded at the end of the contract term,' so people signed up thinking of it like a fixed-term deposit. I went with a savings-type life insurance policy myself.
106AnonymousSep 1, 2026 17:44
You'd honestly be better off just buying a normal REIT.
107AnonymousSep 1, 2026 17:45
Re: #106 I guess they just wanted that 7%, huh.
109AnonymousSep 1, 2026 17:45
Wait, what even is 'Minna de Ooyasan' again?
118AnonymousSep 1, 2026 17:46
Re: #109 Just paste that sentence into an AI, it'll happily explain it to you.
132AnonymousSep 1, 2026 17:48
Re: #109 'Everyone's a Bankruptcy.'
130AnonymousSep 1, 2026 17:47
They've been running it like a bicycle wheel — keep pedaling or it falls over (a Ponzi-style operation) — for 20 years straight. They've probably burned through something like ¥200 billion paying out that 7% annual dividend.
144AnonymousSep 1, 2026 17:49
Re: #130 20 years? Seriously?
234AnonymousSep 1, 2026 18:02
Between Kioxia and this, Japanese people just keep getting poorer from investing — it's ridiculous.
242AnonymousSep 1, 2026 18:03
Re: #234 ✕ Investment ○ Ponzi-adjacent scheme
243AnonymousSep 1, 2026 18:03
Re: #234 Kioxia feels like it'll bounce back eventually, but this landlord thing… yeah, not so much lol.
Background and Key Points
“Minna de Ooyasan” is an anonymous-partnership investment product structured under Japan’s Real Estate Specified Joint Enterprise Act, marketed widely through TV commercials with promises of roughly 6-7% annual distributions and repayment of principal at the end of the contract term. This action is Osaka Prefecture revoking the company’s business license under that law — it isn’t itself a formal finding of bankruptcy or fraud, but it does mean the premise for the business to keep operating is gone, making this a de facto end to the scheme. In the thread, commenters repeatedly pointed out that, unlike REITs, which are listed and can be freely traded, this product offered poor liquidity for investors’ money, and that the high yield itself should have been a red flag. Meanwhile, how much of the roughly 37,000 investors’ money will be recovered depends on the outcome of ongoing lawsuits, and no clear picture has emerged yet. Going forward, the key question will be how well investors understood, at the time they signed up, that a high-yield, unlisted real estate investment product like this one carries no guarantee of principal.
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