Business and Economy
Mitsubishi asks subcontractors to disclose carbon emissions
Japanese property developer Mitsubishi Estate has begun asking its suppliers for information about carbon emissions sparked by construction materials like cement and steel, a move that could force a rethink of traditional construction methods and materials. ≫
WeWork Japan weighs move away from leases in expansion push
WeWork Japan is expected to specialize in managing coworking offices, Nikkei has learned, moving away from directly leasing space to reduce its financial exposure while continuing to expand. ≫
Amazon and Mitsubishi to set up 450 solar power plants in Japan
Amazon.com will partner with Japanese trading house Mitsubishi Corp. to build solar power stations in Japan and procure renewable energy from them to supply electricity to its data centers for ten years, Nikkei has learned. ≫
Remote work lifts demand in Japan for bigger residences
Demand for relocation services is growing in Japan, despite a declining trend in job transfers amid the prolonged impact of COVID-19 infections, as work-from-home practices are prompting people to move to more spacious residences. ≫
Hotel Okura to bring luxury resort touches to Shanghai
Hotel Okura plans to open a luxury hotel in Shanghai in 2024, seeking to tap into growing Chinese interest in high-end accommodations. ≫
Osaka races Tokyo to open Japan's first Waldorf Astoria
A group of Japanese companies looks to build a luxury Waldorf Astoria hotel as a main attraction in an urban redevelopment project in Osaka, a city short on top-class accommodations. ≫
Kansai airport makeover 'necessary' for inbound tourism: operator
Kansai International Airport, in western Japan, is undergoing a major renovation to welcome more foreign tourists ahead of Osaka's hosting of the World Expo in 2025. The airport's operator says the 70 billion yen [$635 million] project is "what the Kansai region needs," despite the heavy blow from the COVID-19 pandemic. ≫
Japan radar and missile sites among 600 areas eyed for investment curbs
Japan's government has begun weighing sites for new restrictions on land transactions involving foreign buyers, a task expected to span roughly 600 defense installations as well as areas around nuclear power plants and other vital infrastructure. ≫
Hong Kong property group ESR to buy rival ARA for $5.2bn
ESR Cayman is poised to become the world's third-largest listed real estate manager after agreeing to buy rival ARA Asset Management for $5.2 billion. ≫
In spectator-less Olympics, hotel bust drives retail boom
This month's decision to hold the Tokyo Olympics without fans at venues around the capital has dashed the hospitality industry's hopes of a boost to business, but sales of pricey watches and TVs are on the rise instead as consumers put freed-up money elsewhere. ≫
Seibu to sell hotels and leisure facilities for over $900m
Seibu Holdings is set to sell off some of its iconic hotel and leisure facilities for over 100 billion yen [$908 million], as the pandemic prompts the Japanese railway and hotel conglomerate to offload those assets to focus on their operation, multiple sources told Nikkei. ≫
Mitsui & Co. to invest $2.7bn to develop data centers in Japan by 2026
The construction of large data centers is gathering speed in Japan, with Mitsui & Co. leading the private sector, after the government of Prime Minister Yoshihide Suga committed to backing the development of key 5G network infrastructure in hopes of turning the nation into Asia's hub for such services. ≫
Mitsubishi to develop arts-focused projects in Tokyo
Real estate developer Mitsubishi Estate has teamed up with TBS Holdings to redevelop Tokyo's Akasaka district with a focus on entertainment, Nikkei has learned. ≫
