The first real estate securitization project of the traditional townhouses in Kyoto (Kyo-Machi-ya) started in 2006. The authors and the vehicle company of this project jointly sent out the questionnaire to the investors. The result of the survey shows 1) most investors were interested in reservation/renewal of the Kyo-Machi-ya, 2) 68% of the investors responded that the dividend rate was not so important, and 3) nearly half of them might invest even if the dividend rate (3%) was two percent points lower. The problem was that the profitability was supported by the drastic cost cut by way of very low fees (like unpaid volunteers) for arrangers and specialists. However, this project suggested the possibility of new finance methods forrenewal of traditional townhouses.keywords: real estate securitization, traditional townhouse(Machi-ya), dividend rate
The design for robotic telescopes to observe Gamma-Ray Burst (GRB) afterglows and the results of observations are presented. Quickly fading bright GRB flashes and afterglows provide a good tool to study an extremely early universe. However, most large ground-based telescopes cannot afford to follow-up the afterglows and flashes quickly within a few hours since a GRB explosion. We re-modeled the existing middle-class 1.3 m 蠁 telescope of the near infrared band at ISAS in Japan to match for the above requirement. We also set a small telescope of 30 cm diameter with a conventional CCD. These telescopes can monitor afterglows quickly within a few minutes in J, H, Ks and R band with a grism spectrometer.
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