Nippon Tradings International
Developer Tokyu Land Corporation plans to sell a stake in Tokyo office floors for over JPY 100 billion ($673 million). Despite concerns about increased supply, office rents in Tokyo are rising. Tokyu Fudosan, the parent company, will sell a 49 percent interest in 25 floors of Shibuya Sakura Stage to undisclosed investors.
View articleJapan plans to introduce a certification system for rental housing equipped with monitoring services for elderly tenants. This initiative aims to address concerns about seniors living alone, ensuring their safety and facilitating access to essential services. The proposal includes certifying service providers and debt guarantee companies to support vulnerable renters.
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Japan has expanded security scrutiny, adding six U.S. military facilities, including Hiro Ammunition Depot and Itazuki Air Base, to a list of 180 sites subject to increased regulation under a 2021 law. Aimed at enhancing security, the law requires detailed registration for property transactions within a half-mile of designated sites, allowing the government to investigate owners and halt activities posing a threat.
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Japanese homebuilder Sekisui House is set to acquire U.S. builder M.D.C. Holdings for $4.9 billion in an all-cash deal, aiming to capitalize on increased demand in the U.S. housing market fueled by lower mortgage rates. The transaction, expected to close in the first half of the year, positions Sekisui as the fifth-largest U.S. home builder based on 2022 house closures.
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Japan’s national net worth hit a record 3.999 quadrillion yen ($27 trillion) at the end of 2022, marking a 3.3% increase, the seventh consecutive year of growth. Produced assets, including housing and equipment, led the surge, reaching 2.17 quadrillion yen. Household wealth rose 0.5%, while nonfinancial companies’ share increased by nearly a quarter to 756.1 trillion yen.
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The average price of newly constructed apartments in Tokyo’s 23 special wards reached an all-time high at 114.83 million yen, marking a 39.4% increase. Factors include rising construction costs, increased building activity, and high demand driven by low interest rates.
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The yen’s sharp decline results from Japan’s low rates against global hikes. Despite similar inflation with the US, the Bank of Japan hesitates due to consumer and business confidence in sustained price growth. This impacts Japan’s economy positively for global firms but negatively for consumers, influencing Prime Minister Kishida’s economic strategies.
View articleSingapore’s GIC acquired a US$800 million portfolio of six modern warehouses across Japan from Blackstone. These strategically located facilities, averaging five years in age, cover four million sq. ft. with a remarkable 99% occupancy. GIC also obtained warehouses in Yatomi city, Nagoya, and two more logistic facilities. The move highlights GIC’s dedication to Japan’s logistics sector amid rising e-commerce and optimized supply chain demand.
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Joby Aviation collaborates with ANA Holdings and Nomura Real Estate to develop vertiport infrastructure for Japan’s electric air taxi service. They plan design, location, operation, and financing for these hubs across metropolitan areas like Tokyo, aiming for broader urban coverage. The all-electric air taxi promises high-speed, low-noise, and emission-free travel for a pilot and four passengers.
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Japan’s Justice Ministry is testing AI to translate Japanese laws into English, addressing rising global and local demand for English legal references in investments. Presently, manual translations by officials take about 2.5 years due to varied abilities and additional duties. The AI introduction aims to reduce this to a year, potentially streamlining the process significantly. Full AI integration is targeted for April if the trial succeeds. Justice Minister Koizumi Ryuji anticipates AI enhancing the prolonged translation process.
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Japan Post Bank amplifies its real estate holdings to $27 billion, marking a significant 17.6% uptick from last year. Their strategic global diversification, notably in North America and Europe, mirrors a broader trend of Japanese investors exploring overseas markets in the post-Covid era.
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Japan considers revamping tax-free shopping for foreign visitors amid concerns of resale abuse. Proposals suggest a shift where tourists pay tax-inclusive prices and seek refunds later, aiming to deter the resale of tax-free items at regular prices abroad. Formal talks may commence during the fiscal 2024 tax review, addressing the issue of tax-free goods being profited from outside Japan’s borders.
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