Investment in securitised products based on property deals plunged 65.4% in fiscal 2008 as the real estate market got crunched by the global financial crisis, the government said Tuesday.

Investment came to about ¥3.08 trillion in the fiscal year ended in March, down sharply from the record ¥8.88 trillion logged the previous year, the Land, Infrastructure, Transport and Tourism Ministry said in its latest white paper on land and property.

The market is formed by securitized products linked to income produced by leasing office buildings and condominiums, selling land and property, and other real estate deals.

Japan Times