Care homes and hotels in Japan shut as expansion strategy unravels

You may be familiar with the "akiya" phenomenon, where empty houses in the Japanese countryside are sold for a song. The same applies not just to residential homes, but to other buildings as well, and their price tag is very low for the same reason: the property has serious issues and/or has been vacant for years, and will require far more than the initial investment to make habitable.

Here's a fascinating blog post by someone who went poking around the ruins of one hot spring town (Kinugawa) that went through a particularly dramatic boom and bust cycle: https://spikejapan.wordpress.com/2010/06/14/983/

This particular hotel at least appears to have been open until fairly recently, but Google reviews describe the "Showa-era" furnishings (read: 1980s at best), and it's on the fairly grim slate grey Kujukurihama beach 3.5 hours from Tokyo by train: https://maps.app.goo.gl/G53KWyCsmeUy8JyR9

I was thinking the same thing. In many parts of the world, even a failing / debt laden business would be worth much more than that.

My understanding:

Before: Need $50k in bank, register business, sponsor yourself for a visa

Result - lots of people just abusing the system for a visa

After: Need $300k, must hire at least one local, must show a profit of $200k within 2 years. Must be reviewed by the government multiple times a year to show your business is serious

I can see some issues. If you want to start a company that requires a year or more of R&D before you can ship you're S.O.L.