Australia Turns Profit in Japan--200,000%
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Reuters
CANBERRA, Australia — The Australian government made a 200,000% profit on the Japanese real-estate market by selling part of its Tokyo embassy grounds, the government said today.
A Japanese-Australian development consortium will pay $450 million for 64,600 square feet of prime real estate and an apartment building near the Imperial Palace. Australia bought the site for $215,000 after World War II when land in bomb-devastated Tokyo was absurdly cheap by present-day standards.
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