While Japanese investors are losing interest in buying American
office buildings, they are queuing up to buy trophy golf courses in
the United States.
In a handful of cases, the purchases are stirring a new
controversy that is being called "golf friction."
Indisputably, the pace of golf course sales has accelerated. In
the past six months alone, avid golfers from Japan have purchased
such well-known American golf courses as Pebble Beach in California,
Grand Cypress Resort in Florida and Princeville Makai/Prince Golf
Course in Hawaii.
Similarly, a group of Japanese investors is negotiating to buy
a package of golf properties that includes PGA West, La Quinta and
Mission Hills in ...