That sounds quite similar to the U.S. commercial real estate sector, except that (IIUC) the structure of the loans in the U.S. would require a refinance if the

That sounds quite similar to the U.S. commercial real estate sector, except that (IIUC) the structure of the loans in the U.S. would require a refinance if the nominal monthly return of the underlying property were ever lowered. So properties sit vacant with an ongoing business loss rather than realize a real loss.