The investment objective of the Company is to provide Shareholders with stable income together with capital growth. The Company intends to invest in and hold Japanese residential property predominantly situated in major conurbations which offer attractive yields and the potential for capital growth. Up to 15% of the Gross Asset Value (calculated at the time of investment) may be invested in commercial property once fully invested and measured at the time of investment. In selecting investment opportunities the Investment Adviser will seek to acquire assets with the following characteristics: -Location: Properties in or within commuting distance of major population centres and with attractive neighbourhood amenities. -Access: Proximity to train or subway stations or with sufficient parking facilities and good road access. -Occupancy: Properties at or near full-occupancy with good quality tenants. Development properties with potential to achieve sufficient number of tenants at the projected rent levels. -Quality: Of good design and construction and well-maintained. - Age: Preference will be to acquire properties built after 1981 when building standards specifying earthquake resistance levels were revised.