Goldman Tees Off in Japan

With the Japanese economy in an upswing, Goldman Sachs is teeing off. In May the investment bank launched Accordia Golf Co., a subsidiary that has become Japan's biggest golf-course operator by acquiring more than 60 clubs. About half are operating; the rest should emerge from bankruptcy early next year. During Japan's late-1980s bubble, schacho (CEOs) flooded the links, paying up to $1 million for a membership. Today a membership costs about $22,500. In the past three years nearly 200 of Japan's 2,400 golf courses have declared bankruptcy, according to Teikoku Databank, a credit-research agency. "Goldman is buying these distressed properties at...

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