Singles in Japan are suing saying they invested in love when buying property

Singles in Japan are suing saying they invested in love when buying property

15 HOURS AGO FEBRUARY 27, 2014 1:34AM

A GROUP of singletons in Japan who claim they were tricked into buying apartments by real estate agents feigning a romantic interest in them have launched legal action.

Two men and 10 women, all aged in their 30s or early 40s, filed a lawsuit on Wednesday against 14 firms, including real estate agencies and loan companies, demanding a total of 200 million yen ($1.95 million) in compensation.

According to their lawyers, the plaintiffs had become emotionally involved with people they met on online dating sites, with many being led to believe they were heading toward tying the knot.

Their intendeds, however, were more interested in pushing property and talked each alleged victim into buying at least one condominium, with an average price tag of 26 million yen ($254,000), the lawyers said.

Once contracts were signed and sealed, the romance disappeared and the estate agent skipped out of the relationship, leaving the new homeowners with the keys to a new front door but not to anyone else’s heart.

One victim was persuaded to buy three properties, the lawyers said.

“These firms’ employees made the plaintiffs buy the condominiums, taking advantage of their romantic feelings,” said lawyer Shinichi Hirasawa.

“This is a flagrant scheme because the victims were made to purchase the real estate sometimes at prices 30 to 40 per cent above the market rate,” he said.

The National Consumer Information Centre has warned that this kind of alleged deception is becoming more common, with 42 reported victims in 2013, up from 26 in 2012.

 

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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