On September 1, the Tokyo Metropolitan Government and Osaka Prefectural Government revoked the real estate specified joint enterprise licenses of Toshi Soken Invest Fund and Minna de Oya-san Hanbai, which operate the “Minna de Oya-san” investment scheme.
The action was taken under Japan’s Real Estate Specified Joint Enterprise Act, citing reasons including deterioration in the companies’ financial condition and their acceptance of investments based on pre-contract disclosure documents containing statements that differed from the facts.
Furthermore, as of the end of June, the companies had been unable to return the value of investments by their redemption dates for nine products. The total amount of delayed redemptions stood at ¥18.802 billion for 7,511 business participants. For 29 products that will reach their redemption dates in the future, ¥172.46939 billion must also be returned to 65,269 business participants, but the authorities determined that repayment would be extremely difficult. Cash and deposit balances as of the same date totaled approximately ¥92.41 million.
According to the balance sheet in the fiscal 2025 business report, the amount obtained by deducting total liabilities from total assets was negative by approximately ¥288.1 billion, meaning the companies no longer met the standards stipulated by law.
The companies had planned to raise funds through overseas bond issuances led by a group company, but these had been repeatedly delayed, with no clear timetable provided. Issuing the bonds requires the resumption of a land lease agreement with Narita International Airport, but the agreement ended on November 30, 2025, and has not been resumed.
The Tokyo Metropolitan Government and Osaka Prefectural Government instructed the companies to provide explanations to business participants, appropriately wind up their operations, and protect business participants. The companies were asked to submit a written report on their response status by September 30.
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