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Accounting&TransactionsSeries:Roadtothe2020Olympics–MacrotrendsandinboundimpactinJapanwww.
pwc.
com/jp/e/taxPwCAgendaSectionI.
Introduction–the2020OlympicsinTokyoSectionII.
InboundImpactontheHospitalitySectorSectionIII.
InboundImpactontheAviationSector2December8,20152015PwCAsiaPacificRealEstateConferencePwCSectionIIntroduction–the2020OlympicsinTokyo3December8,20152015PwCAsiaPacificRealEstateConferencePwCHistoricalInvestmentProspectRankings4December8,20152015PwCAsiaPacificRealEstateConferenceSource:EmergingTrendsinRealEstateAsiaPacific2016,PwCandUrbanLandInstituteNote:-=nodata.
PwCAnalysisoftheJapaninvestmentmarket5December8,20152015PwCAsiaPacificRealEstateConferenceSource:EmergingTrendsinRealEstateAsiaPacific2016,PwCandUrbanLandInstituteProsConsAbenomicsJPYendepreciationIncreasingrentSurgingChinesevisitorsStrongdemandUltralowfinancecostWidespreadAlternativeinvestmentbypensionfundsShortageofopportunitySomuchcompetitionCompressingcaprateHigherconstructioncostConsumptiontaxhikein2017PwCThe2020OlympicsinTokyo6December8,20152015PwCAsiaPacificRealEstateConferenceSource:TheTokyoOrganisingCommitteeoftheOlympicandParalympicGamesPwCThe2020OlympicsinTokyo:2Zones7December8,20152015PwCAsiaPacificRealEstateConferenceSource:TheTokyoOrganisingCommitteeoftheOlympicandParalympicGamesPwCRedevelopmentintheTokyoBay-sideArea8December8,20152015PwCAsiaPacificRealEstateConferenceSource:TheTokyoOrganisingCommitteeoftheOlympicandParalympicGamesSource:GoogleMapPwCRedevelopmentaroundMarunouchi&Otemachi9December8,20152015PwCAsiaPacificRealEstateConferenceSource:HPoftheCouncilforAreaDevelopmentandManagementofOtemachi,Marunouchi,andYurakuchoSource:MitsubishiEstateCo.
,Ltd.
PwCRedevelopmentaroundMarunouchi&Nihonbashi10December8,20152015PwCAsiaPacificRealEstateConferenceSource:MitsuiFudosanCo.
,Ltd.
Source:JapanPostCo.
,LtdPwCRailwayandInflustructure11December8,20152015PwCAsiaPacificRealEstateConferenceSource:MinistryofLand,Infrastructure,TransportandTourismPwCRailwayandInflustructure:LinerChuoShinkansen12December8,20152015PwCAsiaPacificRealEstateConferenceSource:YamanashiPrefectureSource:AllianceforpromotionofLinearChuoShinkansenLinePwCSectionIIInboundImpactontheHospitalitySector13December8,20152015PwCAsiaPacificRealEstateConferencePwC2-1OverviewofinboundvisitorstoJapan14December8,20152015PwCAsiaPacificRealEstateConferenceSource:NikkeiInc.
RemarkableInboundHeadlinesFosunGroupacquiredHoshinoResortTomamuforJPY18.
3billionAmanresortopened"AmanTokyo"inOtemachiSpringAirlineswillstartinternationalflightincludingNarita-ChongqingLinefromFebruary2016.
PwC2-1OverviewofinboundvisitorstoJapanIncreasinginboundvisitors15December8,20152015PwCAsiaPacificRealEstateConferenceSource:JapanNationalTourismOrganization05,000,00010,000,00015,000,00020,000,00025,000,000201020112012201320142015(Forecast)Nov-Dec(forecast)Jan-Oct(actual)OtherAfricaSouthAmericaOceaniaEuropeNorthAmericaAsiaPwC2-1OverviewofinboundvisitorstoJapanInboundvisitors'homecountriesfor201416December8,20152015PwCAsiaPacificRealEstateConferenceSource:JapanNationalTourismOrganization21%20%18%7%7%5%2%20%TaiwanSouthKoreaChinaHongKongUSThailandAustraliaOthercountriesPwC2-1OverviewofinboundvisitorstoJapan17December8,20152015PwCAsiaPacificRealEstateConference11%20%24%20%15%10%Ageunder20yearsold20's30's40's50'sover60yearsoldSource:MinistryofJusticeCharacteristicsofinboundvisitorsfor201481%12%7%PurposeSightseeingBusinessOtherSource:JapanNationalTourismOrganizationPwC2-1OverviewofinboundvisitorstoJapanMostpopularplacestostayforinboundvisitorsfor201418December8,20152015PwCAsiaPacificRealEstateConference02,000,0004,000,0006,000,0008,000,00010,000,00012,000,00014,000,000HokkaidoTohokuTokyoKantoexcludingTokyoChubuKansaiChugokuShikokuKyushuOkinawaAccumulatedheadcountInboundlodgersSource:JapanTourismAgencyPwC2-2HotelsupplyinmajorcitiesNumberofhotelroomsinmajortouristareas19December8,20152015PwCAsiaPacificRealEstateConferenceSource:JapanTourismAgencySource:ReportforPublicHealthAdministration,MinistryofHealth,LabourandWelfare020,00040,00060,00080,000100,00020102011201220132014NumberofroomsinhotelsTokyoHokkaidoOsakaFukuokaOkinawaKyotoPwC2-2HotelsupplyinmajorcitiesPlansfornewandadditionalroomsinmajortouristareas20December8,20152015PwCAsiaPacificRealEstateConferenceSource:WeeklyHotelRestaurantDec.
5,2014,OtaPublications020004000600080001000012000TokyoKinki(Kansai)OsakaKyotonumberofroomsnotdeterminedonandafter2018201720162015PwC2-3HotelmarketinmajortouristareasPerformanceofhotelsinmajortouristareas21December8,20152015PwCAsiaPacificRealEstateConferenceSource:WeeklyHotelRestaurantNov.
13,2015,OtaPublications0.
0%10.
0%20.
0%30.
0%40.
0%50.
0%60.
0%70.
0%80.
0%90.
0%100.
0%02,0004,0006,0008,00010,00012,00014,00020102011201220132014ADR(JPY)ADRandOccupancyRatioADR(Tokyo)ADR(Kyoto)ADR(Osaka)Occupancy(Tokyo)Occupancy(Kyoto)Occupancy(Osaka)Occupancy(%)PwC2-3HotelmarketinmajortouristareasPerformanceofhotelsinmajortouristareas22December8,20152015PwCAsiaPacificRealEstateConferenceSource:WeeklyHotelRestaurantNov.
6,2015,OtaPublications0.
850.
900.
951.
001.
051.
101.
1520102011201220132014SalesindexSalesindexTokyoJapanKinki(Kansai)PwC2-3Hotelmarketinmajortouristareas23December8,20152015PwCAsiaPacificRealEstateConferenceSource:EmergingTrendsinRealEstateAsiaPacific2016,PwCandUrbanLandInstitutePwC2-4HotelmarketinLondonInboundvisitorstoLondonintheyearspriortoandafterthe2012Olympics24December8,20152015PwCAsiaPacificRealEstateConferenceSource:VisitBritain-2,000,0004,000,0006,000,0008,000,00010,000,00012,000,00014,000,00016,000,00018,000,00020,000,00020082009201020112012(OlympicYear)20132014HeadcountNumberofvisitorsPwC2-4HotelmarketinLondonPerformanceofhotelsinLondonintheyearspriortoandafterthe2012Olympics25December8,20152015PwCAsiaPacificRealEstateConferenceSource:UKHotelsForecast2015,PwCUK0%20%40%60%80%100%02040608010012014016020082009201020112012(OlympicYear)201320142015(Forecast)ADR(￡)ADR(￡)Occupancy(%)Occupancy(%)PwC2-5LargeHotelDealsin2015-OkinawaMarriottResort&SpaBuyer:JapanHotelResortInvestmentCorporationSeller:SPCofMultinationalInvestmentFundsSalePrice:JPY14.
9BillionGuestRooms:361rooms26December8,20152015PwCAsiaPacificRealEstateConferenceSource:HPofYAMBARUTRAVELNAVISource:HPofOkinawaMarriottResort&SpaPwC2-5LargeHotelDealsin2015-RIHGARoyalHotelKyotoBuyer:SPCofFortressInvestmentSeller:TheRoyalHotelLimitedSalePrice:JPY10.
4BillionGuestRooms:482rooms27December8,20152015PwCAsiaPacificRealEstateConferenceKyotoStationRIHGARoyalHotelKyotoSource:HPofRurubuTravelSource:HPofNipponAgencyCo.
,Ltd.
PwC2-5LargeHotelDealsin2014-TokyoBayMaihamaHotelClubResortBuyer:HulicCo.
,LtdSeller:MaihamaElitePartnersEstimatedSalePrice:overJPY30BillionGuestRooms:703rooms28December8,20152015PwCAsiaPacificRealEstateConferenceSource:HPofRakuten,Inc.
Source:HPofTokyoBayMaihamaHotelClubResortPwC2-5LargeHotelDealsin2014-BestWesternShinjukuAstinaHotelTokyoBuyer:AscottResidenceTrustSeller:OumiEstimatedSalePrice:overJPY8BillionGuestRooms:206rooms29December8,20152015PwCAsiaPacificRealEstateConferenceSource:HPofJalanSource:HPofCitadinesCentralShinjukuTokyoPwCSectionIIIInboundImpactontheAviationSector30December8,20152015PwCAsiaPacificRealEstateConferencePwC3-1AirportConcessionshavestartedinJapanSendaiAirport31December8,20152015PwCAsiaPacificRealEstateConferenceConcessionPeriodUpto65years(30yearcontractperiodwithanoptionfora30yearextension)ScopeofWorkOperationofairportbasicfacilitiessuchasrunwaysandsettingandcollectinglandingfeesOperationofaerodromesandairnavigationfacilitiesEnvironmentalmeasuresOperationofbothpassengerandcargoterminalbuildingsaswellasparkinglotsConcessionFeeConcessionpaymentsPurchasecostofterminalandcargobuildingsLocationNatoriCity,MiyagiPref.
#ofPassengers(#ofinternationalpassengers)*13,240thousand(167thousand)#ofLanding(#ofinternationalflights'landing)*127,795(805)OperationalStartJuly2001Access17~25mintoSendaiStationbyRailRunway1,200mand3,000mBasicInformationofSendaiAirportSendaiAirportConcessionProjectPwC3-2Secondlargestairporthasbeenformedthroughtheprivatization-NewKansaiInternationalAirportCorporation32December8,20152015PwCAsiaPacificRealEstateConferenceConcessionPeriod45yearsScopeofWorkOperationofairportbasicfacilitiesandterminalbuildingofbothKIXandITMRefuelingfacilityandtailfacilityofKIXConcessionFeeAtleast2.
2trillioninfeeswhichincludeafixedpaymentininstallments,performance-basedpayments,purchasepriceofassetsandshares,etc.
KansaiInternationalAirportBasicInformationofNewKansaiInternationalAirportNewKansaiInternationalAirportConcessionProjectItamiAirportKansaiInternationalAirport(KIX)OsakaInternationalAirport(ITM)LocationIzumisanocity,OsakaPref.
Tokyonakacity,OsakaPref.
#ofPassengers(#ofinternationalpassengers)*119,932thousand(13,407thousand)14,621thousand(o)#ofLanding(#ofinternationalflights'landing)*172,528(47,641)69,589(0)OperationalStartSeptember,1994October,1951Access50~65mintoOsakastationbybusorrail30mintoOsakastationbybusorrailRunway3,500mand4,000m3,000mand1,828mRemarks24houroperationPwC3-3OverviewoftheAviationMarketinJapanThenumberofpassengers&flightshavebeenincreasingoverthelastseveralyears33December8,20152015PwCAsiaPacificRealEstateConferenceSource:MinistryofLand,Infrastructure&Transportation0501001502002502005200620072008200920102011201220132014No.
ofpassengers(millions)NumberofPassengers(DomesticandInternational)国内線旅客数国際線旅客数DomesticPassengersInternationalPassengers02004006008001,0001,2002005200620072008200920102011201220132014Numberofflights(DomesticandInternational)国内線着陸数国際線着陸数No.
offlights(thousands)DomesticAviationInternationalAviationPwC3-4OverviewoftheAviationMarketinJapan34December8,20152015PwCAsiaPacificRealEstateConference-20406080100120140200320042005200620072008200920102011201220132014SeatCapacity(Millions)MarketSharebyAirline(SeatCapacity,OneWay),2003to2014ANAGroupJALGroupOther2%2%3%3%4%5%7%8%10%13%0204060801001201402005200620072008200920102011201220132014(SeatCapacity)MillionsJapanMarketSharebyAirlineType,2005to2014FSCLCCThemarketshareforJapaneseLCCs(LowCostCarriersCareer)remainslowwhileshareandFSA(FullServiceAviation)continuetodominatetheindustry.
ANAandJAL,twodomesticairlines,holdhalfoftheaviationmarketsharePwC3-5OverviewofAirportsinJapanNumberofpassengersattheTop20airports35December8,20152015PwCAsiaPacificRealEstateConferenceSource:MinistryofLand,Infrastructure&Transportation010203040506070HanedaNaritaFukuokaNewChitoseKansaiNahaOsakaChubuKagoshimaSendaiKumamotoNagasakiMiyazakiMatsuyamaHiroshimaKobeIshigakiKomatsu(million)DomesticInternationalHanedaisthegiantamongstJapan'sairportsPwC020,00040,00060,00080,000100,000120,000140,0001950195519601965197019751980198519901995200020052010201520202025203020352040204520502055206074over65to7420to64under203-6PopulationTrendJapan'spopulationfrom1950to2060forecastbygeneration36December8,20152015PwCAsiaPacificRealEstateConferenceSource:CabinetOffice,GovernmentofJapanJapan'spopulationhasjustpasseditspeakPwC010,00020,00030,00040,00050,00060,00070,00080,00090,000FranceUSASpainChinaItalyTurkeyGermanyUKRussiaMexicoHongKongMalaysiaAustriaThailandGreeceCanadaPolandSaudiArabiaMacauSouthKoreaNetherlandsJapanUkrainaHungaryShingaporeCroatiaSwedenChechRepublicMoroccoU.
A.
E.
3-7OverviewofinboundvisitorstoJapan37December8,20152015PwCAsiaPacificRealEstateConferenceSource:JapanTourismAgencyJapanranked22ndintheworldand7thinAsia(belowKorea)in2014.
Consideringthesizeoftheeconomyandtheexistingresourcesfortourism,thereisagreatpotentialforgrowth.
Inboundvisitorsbycountries(2014)RankCountryVolume1France83,7002USA74,7573Spain64,9954China55,6525Italy48,5766Turkey39,8117Germany33,0058UK32,6139Russia29,84810Mexico29,09111HongKong27,77012Malaysia27,43713Austria25,29114Thailand24,77915Greece22,03316Canada16,52817Poland16,00018SaudiArabia15,09819Macau14,56620SouthKorea14,20221Netherlands13,92622Japan13,41323Ukraina12,71724Hungary12,13925Shingapore11,85826Croatia11,78127Sweden10,75028ChechRepublic10,61729Morocco10,28230U.
A.
E.
9,990PwC3-8OverviewofAirportsinJapanNumberofInboundTouristsattheTop20Airports38December8,20152015PwCAsiaPacificRealEstateConferenceSource:MinistryofJustice#ofInternationalpassengersRatioofForeignersForeignersJapaneseTotalNarita4,931,5337,113,25712,148,56741%KansaiIntl.
3,170,4423,248,9836,422,74249%Haneda1,751,9673,453,6055,214,43434%Fukuoka884,143842,7431,732,66751%Chubu(Centrea)699,1531,441,0152,140,61833%Shin-Chitose661,772123,583786,04084%Naha652,94866,317733,85789%Hakodate79,5102,60582,11697%Fuji-san(Shizuoka)72,68128,701101,40072%Asahikawa70,3802,57372,95396%Komatsu54,40135,24689,64761%Hiroshima54,23489,634144,39238%Kagoshima50,21518,19368,41873%Ibaraki40,17014,42154,59174%Takamatsu33,92322,77556,70260%Toyama33,25217,94651,19965%Sendai27,49757,30484,82532%Nagasaki27,2754,44731,75086%Saga27,10710,81237,92171%-5,000,00010,000,000SagaNagasakiSendaiToyamaTakamatsuIbarakiKagoshimaHiroshimaKomatsuAsahikawaFuji-san(Shizuoka)HakodateNahaShin-ChitoseChubu(Centrea)FukuokaHanedaKansaiIntl.
NaritaForeignersJapaneseWhichareasarethereallyattractiveforforeigntouristsPwC3-9ConcessionBusinesshasjustbegunAirportsunderprocess39December8,20152015PwCAsiaPacificRealEstateConferenceSource:PwCJapanPPP&InfrastructureOkinawaHokkaidoHonshuShikokuKyushuTokyoJAPANOsakaSapporoShin-ChitoseKobeKochiMatsuyamaOitaMiyazakiKitaKyushuFukuokaKumamotoKagoshimaNagasakiNahaHiroshimaTakamatsuNewKansaiChubuHanedaNaritaSendaiFirstgroupofairportstobeprivatisedSecondgroupofairportstobeprivatisedMaybeprivatisedbutatalaterdatePrefecture-ownedairportsinterestedinbeingprivatisedPotentiallybeprivatisedHakodateAsahikawaKomatsuAomoriAkitaOkayamaShizuokaSagaThepolicyhaschangedfromhavingairports"beestablishedeverywhere"tolocationsofairportsbeingselectedbasedon"socialefficiency"andtheindustrybeingprivatised.
,98airportsintotalinJapan.
PwCAppendix1Continuetheconversation…PresenterCVs40December8,20152015PwCAsiaPacificRealEstateConferencePwCPresenterCVsTakeshiNagashimaPartner/DealsFSTEL:+81-80-4177-5643i.
E-mail:takeshi.
t.
nagashima@jp.
pwc.
com[Photohere]41December8,20152015PwCAsiaPacificRealEstateConferencePwCPresenterCVsAtsushiSugiharaDirector/PPP&InfrastructureTeamTEL:+81-80-9443-8408E-mail:atsushi.
a.
sugihara@jp.
pwc.
com[Photohere]42December8,20152015PwCAsiaPacificRealEstateConferenceThiscontentisforgeneralinformationpurposesonly,andshouldnotbeusedasasubstituteforconsultationwithprofessionaladvisors.
2015PwC.
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