After Japanese "Bubbble" had bursted.

I play golf twice a month wiht my wife. It costs $100 in week days for each including some meals.
We go to the course not far from the center of the city. It takes about one hour by driving and we pay the toll total about $40- which is not bad here.
The golf club is not a private nor public. It has a new kind of operartion. but it used be a very expensive private course.

Until 1990, about several years Japanese economy was "Bubble" period.
The prices of real estates, stock market average and all things were getting high every day.
For example to be a member of the golf club we go, we should pay the member fee about
US $300,000- (this was a life time fee and transferable) and for the one round play the guest who was with the member should pay $300- . Even a member should pay $100- for each play. A lunch was $30-.

It was ridiculous. After all in 1990 every thing bursted.
The golf course was bankrupted.
This was same not only golf courses but real estates, then ten years past.
In early 2000, the investers came from other countries mostly Americans and they started to buy everything at the bottom prices.

The golf course is now operated by an American company.
They did not invest much money, so they can manage it with very reasonable costs.

But behind this fact, someone lost a lot of money. Who are they?
I could not see their real faces.