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Fears of Olympics delay sink Japan property stocks

10 big developers to repurpose athletes' village into waterfront condos

Ten major Japanese developers plan to redevelop the Olympic Village in Tokyo's Harumi waterfront district into high-rise apartments.   © Reuters

TOKYO -- Real estate shares and REITs were hit especially hard in Friday's Japanese equities market rout as traders fretted over a possible postponement of the upcoming Tokyo Olympics that have bolstered property prices in the capital.

The Tokyo Stock Exchange REIT Index closed down 187 points, or 10.5%, at 1,596 in its largest-ever one-day decline, after futures in the real estate investment trust index fell sharply enough to trigger a circuit breaker. Tokyu Fudosan Holdings took nearly 20 minutes from the start of trading to settle on a price, eventually opening down 12% from Thursday's close.

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