Analysts reckon that at least 15 of the 119 construction firms listed on the first section of the Tokyo Stock Exchange are bust in all but name, as the value of their land holdings bought at the height of the bubble has plummeted and loans guaranteed to subsidiaries and property developers have turned sour.
It is true that some of the projects that received funding under the stimulus-funded Section 1603 cash grant program went to projects that had completed construction prior to the stimulus bill.
These form part of the Section 106 agreements but the coalition government has said these can be relaxed in order to facilitate the construction of new homes.