Goldman Sachs Group Inc.'s Japanese golf business unit plans to buy more courses as the recession forces companies to sell off assets unrelated to their main business.

Accordia Golf Co., Japan's largest operator of the leisure facilities, aims to spend ¥20 billion to buy six to 10 golf course operators by Dec. 31, said Arihiro Kanda, a member of the company's board and a former Goldman banker. Tokyo-based Accordia, 45 percent owned by Goldman Sachs, is seeking bargains after the deepest economic contraction on record triggered a wave of corporate failures. "The company is very proactive about acquisitions, and the fact they're trying to boost earnings per share makes we wonder if Goldman would like to sell its shares before too long," said Takehiro Tsuda, an analyst at Nikko Citigroup Ltd. "It's a buyers' market now, though they could probably stand to wait a bit longer."

The company plans to acquire courses in the Tokyo area and in the vicinities of Osaka and Nagoya, Kanda said. About one-fourth of Japan's 2,400 golf courses are owned by domestic real estate, railroad, trading and steel companies, according to Accordia.

"More companies are spinning off golf courses," Kanda, 46, said. "We're ready to offer a competitive price if the property is valuable."

Accordia bought a golf business from Kawasaki Heavy Industries Ltd. in October. Rival Pacific Golf Group International Holdings KK has bought three golf course operators this year from Itochu Corp.

Accordia's value has fallen more than 60 percent since Goldman Sachs first sold shares in the business to the public in 2006. The company owned 126 golf courses in Japan as of March 31, while Pacific Golf Group International had 123.