This paper investigates the heterogeneous impact of the 2007–2008 global financial crisis on Japan’s land and housing market via real estate investment trust (REIT)-related investment. REITs’ property acquisitions fell significantly in Japan after 2007 due to the global credit crunch, which was orthogonal (under necessary controls) to the domestic real estate market fundamentals. Exploiting this variation, we present casual evidence that REIT acquisition has a positive effect on local land prices in general but the effects are heterogeneous across different market segments within a city. Specifically, we find a more pronounced post-crisis price reduction for larger land parcels (predominantly used for multi-family home (MFH) developments) in regions with higher pre-crisis REIT acquisition intensity. In contrast, the prices of smaller plots, typically used for developing single-family homes (SFHs) and infrequently represented in REIT portfolios, remained largely unaltered. We observe no significant shifts in the liquidity of these larger parcels, suggesting an inelastic land supply. However, falling land prices increased construction starts of MFHs relative to that of SFHs.

本文通过房地产投资信托基金（REIT）相关投资，研究了 2007-2008 年全球金融危机对日本土地和住房市场的异质影响。2007 年之后，由于全球信贷紧缩（与国内房地产市场基本面正交（在必要的控制下）），日本房地产投资信托基金的房地产收购大幅下降。利用这种变化，我们提供了一些临时证据，表明房地产投资信托基金收购总体上对当地土地价格有积极影响，但在城市内不同细分市场的影响是不同的。具体而言，我们发现，在危机前 REIT 收购强度较高的地区，较大地块（主要用于多户住宅 (MFH) 开发）的危机后价格下降更为明显。相比之下，通常用于开发单户住宅（SFH）且很少出现在房地产投资信托投资组合中的较小地块的价格基本保持不变。我们观察到这些较大地块的流动性没有显着变化，这表明土地供应缺乏弹性。然而，土地价格下跌使得中小型住宅的开工量相对于中小型住宅有所增加。