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The story
Two operating companies behind “Minna de Ooyasan” (“Everyone’s Landlord”), which had been soliciting investment for development land around Narita Airport and other sites, have had their business licenses revoked by the Osaka and Tokyo prefectural governments. The amount raised from investors exceeds ¥200 billion, and the landlord business will now come to an end. According to reporting by the Yomiuri Shimbun, investors are demanding their money back, and there is also criticism that the government’s response was too slow. On 5ch, opinions were split: some argued investing is always at one’s own risk, while others took issue with the fact that the scheme was regulated by the Ministry of Land, Infrastructure, Transport and Tourism rather than the Financial Services Agency, leaving oversight looser than for securities.
9/2 (Wed) 6:49 AM
Yomiuri Shimbun
On the 1st, Osaka Prefecture and the Tokyo Metropolitan Government issued administrative orders revoking the business licenses of two group companies — responsible for fund management and sales — under “Kyosei Bank” (Tokyo), the operator of “Minna de Ooyasan,” a real estate investment product that solicited funds for development land around Narita Airport and other sites. The “Ooyasan” (“Landlord”) business, which raised more than ¥200 billion from investors, will now be shut down. Investors have voiced anger, saying things like “I want my money back” and “The action is reasonable, but the government’s response came far too late.”
Source: topics.smt.docomo.ne.jp / Read the original article here
What people said
41 Anonymous Donburako 2026/03/20 (Fri) 05:35:08.12 ID:Az+IKYP60
Re: #2
If 70% of the raw material for window sashes disappears,
then sash makers' work drops 70% too, right
43 Anonymous Donburako 2026/03/20 (Fri) 05:42:48.27 ID:Az+IKYP60
Re: #42
If raw materials drop 70%, production drops 70% too, so the work drops 70%,
and staff get cut 70% as well
51 Anonymous Donburako 2026/03/20 (Fri) 05:55:14.23 ID:zlyhQQA/0
Re: #46
Because we've never been hit by this before
So, mind if I save this?
Because I'm hoping you're not lying
A 70% drop means if you get 100 orders a month, that falls to just 30-something.
That's easy enough to check later, so I'll go ahead and save this properly, okay?
52 Anonymous Donburako 2026/03/20 (Fri) 05:58:58.36 ID:Az+IKYP60
Re: #51
Sure, go ahead
There's no bank borrowing here, right? If they could've borrowed from a bank, they wouldn't have needed to borrow from investors at high interest in the first place.
Is there really ¥88.1 billion of tax debt on top of that?
They spent it on dividend payouts.
The rest went to running costs like employee salaries.
They just slapped a ridiculously inflated valuation on cheap land, and it's just been corrected back to a fair price
There's not a single yen of the investment money left
Only the bald guy (likely a jab at the company's founder/exec) knows where the money went
The ones who got fooled are the ones at fault
As if making money could ever be that easy
That's just blame-shifting from people who don't want to admit it's their own responsibility
The main contractor can't pay anymore
So all that's left is to twist up some excuse, pin it on someone else, and squeeze money out of them that way
That's basically what's happening
Their sales pitch was way too aggressive.
So instead I went with parking-lot funds, CREAL, and Gokou.
— An old fund geezer with almost 50 years in the real estate industry
They were posting photos of construction going smoothly just yesterday — why did it come to this…
I bet the investors just end up splitting this leveled-off land proportionally to their stakes lol
Doesn't a license basically work as the government's seal of approval?
If a listed company goes under, is that the Tokyo Stock Exchange's fault?
you were all smiling while you were pocketing those high dividends, weren't you
What's wrong with that?
Investment products under the Financial Services Agency are locked down tight with regulation,
but real estate falls under the Ministry of Land, Infrastructure, Transport and Tourism, and real estate investment slips through the cracks.
If you're going to market something as an investment, there ought to be requirements like minimum capital ratios and regular audits — but apparently there aren't any
Exactly this
That's why fraud schemes keep clustering around real estate investment
You clearly don't know much about this
Companies go through pretty strict audits when they list
There was a case not long ago where a company cooked its books to meet listing standards, and nobody really took responsibility for that, did they
Even so, if a company still goes under, isn't that a sign the Tokyo Stock Exchange's screening was too lax?
Why do people fall for this stuff
TV commercials are packed with big-name, top-tier companies, so even a worthless stone starts looking like a gem — that's how people get fooled
Wasn't it something like "Eat what you like, buy what you want…"?
I remember watching it thinking, wow, they're good with words —
but with a ¥1 million minimum unit earning 7% a year, there's no way you could live like that.
Maybe if you'd put in something like ¥100 million, you could have
it's probably because they promised reckless dividend rates just to pull in customers, ended up in a Ponzi-style cash-flow scramble, and were maybe doomed to collapse from the start
I mean, they just kept saying "we're developing it, we're developing it" lol
They just brought in a bit of heavy machinery to make it look like development was happening lol
If you're an investor you'd better be furious about what's actually going on lol
Land alone doesn't generate profit, does it? lol
For Narita, the landlord company itself said from the start it was just land leveling, with no buildings involved
https://www.minnadeooyasan.com/_assets/images/fund-list_img_narita08.png
There's no point if nothing gets built on top of the land, right lol
Then just wait until it's built lol
Instead of filing lawsuits and all that lol
So couldn't you just collect it once and then cancel to come out ahead?
There are definitely people who try to play it that way
And a fair number of them get greedy, fail to get out in time, and end up ruining themselves
If you cancel, you get hit with a 3% penalty fee
Investors didn't want to pay that, and ended up losing everything instead lol
You might turn a profit, but then your name ends up circulating on lists in scam circles
lol
I assume that's a joke, but still lol
(･∀･;) what a swamp lol ("swamp" = slang for a hopeless money pit)
If you're managing the real estate yourself,
getting a return around that level is already doing well.
The moment you're paying for a flashy office and hiring salespeople,
there's no profit left to speak of
These days there are actually quite a few real estate crowdfunding deals with yields over 10%.
Take a look at their financial statements and it's laughable —
their equity ratio is razor thin, and current liabilities can run several times current assets.
I can't understand how anyone invests in something like that
Background and Key Points of This Story
“Minna de Ooyasan” was a real estate investment product tied to development land around Narita Airport and other sites, built around issuing investment securities. Real estate crowdfunding in Japan operates not under the Financial Instruments and Exchange Act but under the framework of the Real Estate Specified Joint Enterprise Act, overseen by the Ministry of Land, Infrastructure, Transport and Tourism — a framework generally seen as having lighter disclosure and audit requirements than securities investment. On the thread, some argued this jurisdictional gap may have contributed to the delay in administrative action, while others maintained that since the product never guaranteed principal, investors bore the responsibility themselves — opinion was split. The thread also buzzed over figures showing total investment of over ¥200 billion against a reported ¥288.1 billion excess of liabilities, but since this comes from forum posts rather than an official asset assessment, it should be treated as unconfirmed pending a formal investigation.
*This article is excerpted and summarized from the 5ch (News Speed+) thread “[“Minna de Ooyasan”] Raised Over ¥200 Billion… Business License Revoked, Investors Furious: “The Government’s Response Came Far Too Late”.”
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