DOCSLIB.ORG

Pioneering New Value, Pioneering New Possibilities

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

MITSUBISHI ESTATE CO., LTD. Integrated Report 2018 CO., LTD. MITSUBISHI ESTATE Integrated Report 2018 Pioneering New Value, Pioneering New Possibilities WorldReginfo - de756b3b-23ad-42c4-9bf5-66a39eb110f6 CONTENTS 2 52 “A Love for People. ABOUT THE MITSUBISHI ESTATE GROUP CORPORATE GOVERNANCE 2 Track Record of Mitsubishi Estate 53 Message from the Chairman of the Board 4 Marunouchi Today 54 Directors 6 Mitsubishi Estate’s Value Creation Model 56 Overview of Corporate Governance 10 Business Segment Overview System ” 11 Financial Highlights 57 Outside Directors / Overview of Activities A Love for the City in Fiscal 2018 58 Evaluation of the Effectiveness of the 12 Board of Directors / Remuneration MESSAGE FROM THE PRESIDENT 60 An Outside Director Discusses Mitsubishi Estate’s Governance Forever Taking on New Challenges—The Mitsubishi Estate Group 62 Corporate Executive Officers, Executive 20 Officers, and Group Executive Officers SPECIAL FEATURE: Urban Development of Mitsubishi Estate 63 for Improving Corporate Value RISK MANAGEMENT The Spirit of Mitsubishi: Three Principles 22 SPECIAL FEATURE 1 “Shoki Hoko” “Shoji Komei” “Ritsugyo Boeki” Utility Tunnel Development 26 SPECIAL FEATURE 2 66 Large-Scale Renovation of FINANCIAL SECTION Corporate Responsibility to Society Integrity and Fairness Global Understanding through Business the Otemachi Building Strive to enrich society, both materially Maintain principles of transparency Expand business, 66 Eleven-Year Summary of Selected and spiritually, while contributing and openness, based on an all-encompassing 30 SPECIAL FEATURE 3 Financial Data (Consolidated) towards the preservation of conducting business with global perspective. Headquarters Relocation and 68 Japan’s Real Estate Market the global environment. integrity and fairness. New Value Creation 69 Financial Review 74 Consolidated Balance Sheets 32 76 Consolidated Statements of Income HUMAN RESOURCE DEVELOPMENT Consolidated Statements of Comprehensive Income The Mission of the Mitsubishi Estate Group 77 Consolidated Statements of Changes in We contribute to society through urban development Net Assets 36 79 Consolidated Statements of Cash Flows By building attractive, environmentally sound communities where people can live, BUSINESS REVIEW 80 Notes to Consolidated work and relax with contentment we contribute to the creation of a truly meaningful society. 38 Office Building Business Financial Statements 40 Lifestyle Property Business 101 Independent Auditor’s Report 42 Residential Business 44 International Business The Mitsubishi Estate Group Code of Corporate Conduct 46 Investment Management Business 102 CORPORATE DATA In order to carry out the Group Mission, 47 Hotel & Airport Business we pledge to observe the following Code of Conduct: 48 Architectural Design & Engineering 102 Principal Mitsubishi Estate Group Business Companies 49 Real Estate Services Business 104 Corporate History 1 2 3 105 Organization We will strive to earn We will strive to create 50 Business Creation Department We will act with integrity the trust of our clients a vibrant workplace 51 Business Development, 106 Corporate Information Consulting & Solutions Group 107 About Our Website We will base our conduct on laws We will approach all objectives from While aiming at personal growth, we and ethics and always reflect with our clients’ point of view, providing will respect the human rights and humility upon our behavior, valuing safe and reliable products and diversity of opinions of others and our communication with society and services, and make information increase our creativity and professionalism, placing priority in our corporate available as appropriate. while displaying our A Word about Integrated Report 2018 We are adopting this integrated report format starting from fiscal 2018, having published annual reports through to fiscal 2017. With activities on earning trust through collective strengths as a team. this inaugural integrated report, we have expanded coverage of non-financial information centering on environmental, social, and fairness and transparency. governance (ESG) compared with prior annual reports. In doing so, we aim to increase readers’ awareness of our efforts to raise the corporate value of the Mitsubishi Estate Group from a medium-to-long-term perspective. We hope that this report promotes a deeper understanding of the Group among all our stakeholders, including shareholders and investors. Definition of Term For details on the Mitsubishi Estate Group Guidelines for Conduct: “Fiscal 2018” refers to the Group’s fiscal year ended March 31, 2018, and other fiscal years are referred to in a corresponding manner. http://www.mec.co.jp/e/company/charter/index.html Caution Concerning Forward-Looking Statements This integrated report contains forward-looking statements concerning Mitsubishi Estate Co., Ltd., and its future strategies and earnings outlook, including forecasts, planning, and decisions based on information available at the time of publication. As with any forecast, plan, or decision, forward-looking statements are inherently susceptible to potential risks, uncertainties, and assumptions. (Formulated December 1, 1997; revised on August 1, 2002, January 1, 2006, and April 1, 2018) The Company’s actual results may vary materially from those expressed or implied in its forward-looking statements. MITSUBISHI ESTATE CO., LTD. Integrated Report 2018 1 WorldReginfo - de756b3b-23ad-42c4-9bf5-66a39eb110f6 2008–Present Day Third Phase of Development Second Stage of the Marunouchi Redevelopment Project (3-2) 1998–2007 Marunouchi Area Development Focus Shifted to Make the Marunouchi Redevelopment Project “ Third Phase of Development Broader and More Comprehensive Goes On—As it has in the past, 1960s–1980s First Stage of the Marunouchi Redevelopment Project (3-1) From 2008, the focus shifted to make the Marunouchi Redevelopment Second Phase of Project broader and more comprehensive in its second stage. as it will 100 years from now Turning Marunouchi into a Vibrant and Bustling Area Redevelopment began with the construction of the Marunouchi Park Development Building and Mitsubishi Ichigokan. By spreading the vibrant and bustling In 1998, Mitsubishi Estate began to redevelop the area around Tokyo An Abundance of Large-Capacity Office atmosphere of Marunouchi to Otemachi and Yurakucho, and establishing a Station in the first stage of its Marunouchi Redevelopment Project. financial business center and a greater amenity infrastructure, the project 2020 ” Buildings Reflecting a Period of Rapid Based on the concept of “Pursuing diverse and multifunctional urban strengthened the international competitiveness of the area. Through the Economic Growth development,” the project aimed to create a landscape that would addition of a museum and other art and cultural facilities as well as the give a new image to the area, which had up until then been purely a pursuit of eco-friendly development, Mitsubishi Estate has aimed to As Japan entered an era of high economic business area. give the area a fresh appeal based on a new sense of values. 2018 growth, there was a sharp increase in Starting with the completion of the Marunouchi Building in 2002, 1890s–1950s demand for office space. Through the Mitsubishi Estate rebuilt six buildings in line with the new concept. Marunouchi remodeling plan that began in Moreover, we widened the sidewalks of Naka-dori Avenue from six 1959, the area was rebuilt with large-scale meters to seven meters, began holding seasonal events, and took First Phase of 2016 office buildings providing a considerable other measures to transform the area into a space with a vibrant and Development supply of highly integrated office space. bustling atmosphere. Sixteen such buildings were constructed, Dawning of a Full-Scale Business Center increasing the total available floor space by 2014 1890 Development more than five times. In addition, Naka-dori Avenue, stretching from north to south Starting from Scratch The construction of the area’s first modern office through the Marunouchi area, was widened building, Mitsubishi Ichigokan, was completed from 13 meters to 21 meters. 2012 Purchase of Marunouchi Land and in 1894. Soon after, three-story redbrick office The 1980s marked the appearance of Vision of a Major Business Center buildings began springing up, resulting in the high-rise buildings more than 100 meters tall area becoming known as the “London Block.” in the area. However, even amid this chang- 2009 2018 The history of Tokyo’s Marunouchi area Following the opening of Tokyo Station in ing skyline, the Marunouchi area remained a 2010 began in 1890 when Yanosuke Iwasaki 1914, the area was further developed as a business center with beautiful scenic views Marunouchi Park Marunouchi purchased the area at the request of the business center. American-style, large reinforced of the waters and green woods of the Building and Nijubashi Building Meiji government of Japan. concrete buildings lined the streets. Along with Imperial Palace. Mitsubishi Ichigokan The broader and more At the time, the area was an expanse of the more functional look, the area was renamed 32008 comprehensive Marunouchi flat, grassy fields that became known as the “New York Block.” 2002 2007 Faithful re-creation of the Redevelopment Project has also Mitsubishigahara, or Mitsubishi Fields. original Mitsubishi Ichigokan— spread to Yurakucho Iwasaki’s reasoning behind this acquisition Marunouchi Building Shin-Marunouchi now an art museum serving as a 2006 center
Recommended publications
  • Notice of Convocation of the 120Th Ordinary General Meeting of Shareholders of Mitsubishi Estate Co., Ltd

    Notice of Convocation of the 120Th Ordinary General Meeting of Shareholders of Mitsubishi Estate Co., Ltd

    [Translation for Reference and Convenience Purposes Only] Please note that the following is an unofficial English translation of Japanese original text of the Notice of Convocation of the 120th Ordinary General Meeting of Shareholders of Mitsubishi Estate Co., Ltd. The Company provides this translation for reference and convenience purposes only and without any warranty as to its accuracy or otherwise. In the event of any discrepancy between this translation and the Japanese original, the latter shall prevail. (Securities Code: 8802) June 5, 2019 Dear Shareholders Junichi Yoshida Director, President and Chief Executive Officer 1-1, Otemachi 1-chome, Chiyoda-ku, Tokyo NOTICE OF CONVOCATION OF THE 120th ORDINARY GENERAL MEETING OF SHAREHOLDERS You are cordially invited to attend the 120th Ordinary General Meeting of Shareholders of Mitsubishi Estate Co., Ltd. (the “Company”), to be held as follows. If you are unable to attend the meeting, you may otherwise exercise your voting rights in writing (by mail) or by electromagnetic means (the Internet, etc.). Please read the attached REFERENCE DOCUMENTS FOR THE GENERAL MEETING OF SHAREHOLDERS provided below, and you are requested to exercise your voting rights by 5:45 p.m., on Wednesday, June 26, 2019. 1. Time and Date: 10 a.m., Thursday, June 27, 2019 2. Place: Royal Park Hotel, 3F, Royal Hall, 1-1, Nihonbashi-Kakigara-cho 2-chome, Chuo-ku, Tokyo 3. Objectives of the Meeting: Reports: 1. Reports on Business Report and Consolidated Financial Statements, as well as Results of the Audits of the Consolidated Financial Statements by the Accounting Auditor and Audit Committee for Fiscal 2018 (From April 1, 2018, to March 31, 2019) 2.
  • 金融商品取引法令に基づく金融庁の登録・許認可を受けていない業者 （"Cold Calling" - Non-Registered And/Or Non-Authorized Entities）

    金融商品取引法令に基づく金融庁の登録・許認可を受けていない業者 （"Cold Calling" - Non-Registered And/Or Non-Authorized Entities）

    金融商品取引法令に基づく金融庁の登録・許認可を受けていない業者 （"Cold Calling" - Non-Registered and/or Non-Authorized Entities） 商号、名称又は氏名等 所在地又は住所 電話番号又はファックス番号 ウェブサイトURL 掲載時期 （Name） （Location） （Phone Number and/or Fax Number） （Website） （Publication） Miyakojima-ku, Higashinodamachi, 2020年6月 SwissTrade Exchange 4-chōme−7−4, 534-0024 Osaka, https://swisstrade.exchange/ (June 2020) Japan 2020年6月 Takahashi and partners (June 2020) Shiroyama Trust Tower 21F, 4-3-1 https://www.hamamatsumerg 2020年6月 Hamamatsu Merger Group Toranomon, Minato-ku, Tokyo 105- Tel: +81 505 213 0406 er.com/ (June 2020) 0001 Japan 28F Nakanoshima Festival Tower W. 2020年3月 Tokai Fuji Brokerage 3 Chome-2-4 Nakanoshima. (March 2020) Kita. Osaka. Japan Toshida Bldg 7F Miyamoto Asuka and 2020年3月 1-6-11 Ginza, Chuo- Tel:+81 (3) 45720321 Associates (March 2021) ku,Tokyo,Japan. 104-0061 Hibiya Kokusai Bldg, 7F 2-2-3 Uchisaiwaicho https://universalassetmgmt.c 2020年3月 Universal Asset Management Chiyoda-ku Tel:+81 3 4578 1998 om/ (March 2022) Tokyo 100-0011 Japan 9F Tokyu Yotsuya Building, 2020年3月 SHINBASHI VENTURES 6-6 Kojimachi, Chiyoda-ku (March 2023) Tokyo, Japan, 102-0083 9th Fl Onarimon Odakyu Building 3-23-11 Nishishinbashi 2019年12月 Rock Trading Inc Tel: +81-3-4579-0344 https://rocktradinginc.com/ Minato-ku (December 2019) Tokyo, 105-0003 Izumi Garden Tower, 1-6-1 https://thompsonmergers.co 2019年12月 Thompson Mergers Roppongi, Minato-ku, Tokyo, Tel: +81 (3) 4578 0657 m/ (December 2019) 106-6012 2019年12月 SBAV Group https://www.sbavgroup.com (December 2019) Sunshine60 Bldg. 42F 3-1-1, 2019年12月 Hikaro and Partners Higashi-ikebukuro Toshima-ku, (December 2019) Tokyo 170-6042, Japan 31F Osaka Kokusai Building, https://www.smhpartners.co 2019年12月 Sendai Mubuki Holdings 2-3-13 Azuchi-cho, Chuo-ku, Tel: +81-6-4560-4410 m/ (December 2019) Osaka, Japan.
  • Notice of Convocation of the 121St Ordinary General Meeting of Shareholders of Mitsubishi Estate Co., Ltd

    Notice of Convocation of the 121St Ordinary General Meeting of Shareholders of Mitsubishi Estate Co., Ltd

    [Translation for Reference and Convenience Purposes Only] Please note that the following is an unofficial English translation of Japanese original text of the Notice of Convocation of the 121st Ordinary General Meeting of Shareholders of Mitsubishi Estate Co., Ltd. The Company provides this translation for reference and convenience purposes only and without any warranty as to its accuracy or otherwise. In the event of any discrepancy between this translation and the Japanese original, the latter shall prevail. (Securities Code: 8802) In response to the spread of the novel coronavirus disease (COVID-19), you are strongly recommended to exercise your voting rights in writing or via the internet instead. Shareholders attending this General Meeting of Shareholders in person are requested to take note of your own health condition and check the status of infection NOTICE OF on the date of the meeting. In addition, we plan to take the following measures to prevent the spread of COVID-19. We appreciate CONVOCATION your kind understanding. - We ask that you disinfect with an alcohol disinfectant and wear a face mask before coming to the reception desk. OF THE 121st - Furthermore, we will take the temperature of attendees and anyone who is suspected of being infected by COVID-19 due to symptoms such as ORDINARY GENERAL MEETING having a fever (37.5 degrees C or above) or cough OF SHAREHOLDERS will be refused entry. - We kindly ask that any shareholder who has returned to Japan within 14 days of the meeting refrain from attending in person. Time and Date: 10 a.m., Friday, June 26, 2020 - As we will be increasing the space between Place: shareholders’ seats at the venue, it is possible that Royal Park Hotel, 3F, Royal Hall, 1-1, Nihonbashi-Kakigara-cho 2-chome, we will not be able to provide sufficient seats, so we may restrict entry.
  • The Corporate Culture in a Japanese Bank: Study of the Changing Organizational World

    The Corporate Culture in a Japanese Bank: Study of the Changing Organizational World

    The Corporate Culture in a Japanese Bank: Study of the Changing Organizational World by HIROFUMI HOJO B.A. Law, Keio University (1986) SUBMITTED TO THE MIT SLOAN SCHOOL OF MANAGEMENT IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF SCIENCE IN MANAGEMENT at the MASSACHUSETTS INSTITUTE OF TECHNOLOGY June 2005 © Hirofumi Hojo 2005. All rights reserved. The author hereby grants to MIT permission to reproduce and to distribute publicly paper and electronic copies of this thesis document in whole or in part. ^ /' Ar Signature of Author: 'I (! J MIT SloVn School of Management May 6, 2005 Certified by: I John E. Van Maanen Erwin H. Schell Professor of Organization Studies Thesis Advisor Accepted by: / I I , / Stephen J. Sacca Director, Sloan Fellows Program in Innovation and Global Leadership lMASSACHUSETSINSTITE OF TECHNOLOGY 'A I IX~IFtes SEP 012005 LIBRARIES 2 The Corporate Culture in a Japanese Bank: Study of the Changing Organizational World by HIROFUMI HOJO Submitted to the MIT Sloan School of Management on May 6, 2005 in partial fulfillment of the requirements for the Degree of Master of Science in Management ABSTRACT The environment surrounding companies is constantly changing. and that change forces companies into paradigm shifts. If a company cannot cope with change, it faces the distinct possibility of being be weeded out of the industry. Today, Japanese companies are facing dramatic environmental change. For example, the introduction of new global accounting rules is changing the behavior of equity holders. The long and deep recession following the collapse of the Japanese "bubble" economy continues to sap the economic energy of many Japanese companies, and most leaders of those companies still struggle to find new ways to exit from this dark tunnel.
  • Committee Chairman Yukihiro SATO Senior Executive Adbisor, Mitsubishi Electric Corporation Deputy Committee Chairman Toshizo

    Committee Chairman Yukihiro SATO Senior Executive Adbisor, Mitsubishi Electric Corporation Deputy Committee Chairman Toshizo

    No.1 List of Corporate Finance Executive Committee Members Committee Chairman Yukihiro SATO Senior Executive Adbisor, Mitsubishi Electric Corporation Deputy Committee Chairman Toshizo TANAKA Representative Director, Executive Vice President & CFO, CANON INC. Committee Members Board Director, Managing Executive Officer, General Manager of Finance & Accounting Ichiro TERAI Division, IHI Corporation Setsuji KIMURA Auditior, Aichi Sangyo Co., LTD. Hideki KOBORI Director, Senior Executive Officer, ASAHI KASEI CORPORATION Takao KATO Corporate Senior Vice President, Accounting Headquaters, ORIX Corporation Mikio FUJITSUKA Director, Senior Executive Officer and Chief Financial Officer, Komatsu LTD. Director, Senior Vice President, Corporate Planning DepartmentⅡ , Finance & Investor Ichiro UCHIJIMA Relations Department, JX Holdings, Inc. Nobuya HARA Executive Assistant, General Manager, Comptroller's Dept., JFE Holdings, Inc. Executive Vice President & representative Director, Chief Financial Officer, Shimizu Seikichi KUROSAWA Corporation Representative Director and Executive Vice President, Nippon Steel & Sumitomo Metal Katsuhiko OTA Corporation Kunio NOZAKI Managing Executive Officer, Sumitomo Chemical Co., LTD. Koichi TAKAHATA Managing Executive Officer, Sumitomo Corporation Director and Chief Financial Officer, Executive Officer, Finance Planning Dept, Kunio TAKAHASHI Seven & I HLDGS. CO., LTD Masaru KATO EVP and Chief Financial Officer, Corporate Excective Officer, Sony Corporation Yoshiaki NISHIURA President, Tokai Rubber Group Katsuyuki
  • NIKON REPORT 2018 Unleashing the Limitless Possibilities of Light

    NIKON REPORT 2018 Unleashing the Limitless Possibilities of Light

    NIKON REPORT 2018 Year Ended March 31, 2018 Unlock the future with the power of light Unleashing the limitless possibilities of light. Striving to brighten the human experience. Focused, with purpose, on a better future for all. THIS IS THE ESSENCE OF NIKON. Creation of New Value by Unlocking the Future with the Power of Light Throughout a century since its founding, Nikon has continued to win customer trust by contributing to the development of society with products and solutions based on its core opto-electronics and precision technologies. The technologies, the human resources, and the brand cultivated through this process have become reliable strengths supporting Nikon today. After completing the restructuring that began in November 2016, it will be crucial to further hone these strengths and fulfill our role as the “new eyes for people and industry” in order to create new value and support our growth strategies. Our vision formulated in 2017 will guide us in fostering corporate culture in which each employee is encouraged to think about what is necessary in order to accomplish growth and to tackle the challenges this introspection reveals. With this culture, everyone at Nikon will unite in our quest to consistently create corporate value. Nikon Report 2018 puts a spotlight on the value we have provided thus far and the strengths cultivated over the years. Moreover, the report seeks to communicate the basis for the growth strategies to be implemented after the completion of the restructuring and the tasks that will need to be addressed in order to effectively implement those strategies.
  • The Demonstra#On of Smart City and Expansion to the Urban Disaster

    The Demonstra#On of Smart City and Expansion to the Urban Disaster

    1 The demonstraon of smart city and expansion to the urban disaster recovery promo-on area in Japan Toshiba corporaon Community Solu-on Div. Yoshimasa Kudo 2 Contents ! " Japanese Smart City Demonstraon ! " Toshiba’s success story - Miyako island smart grid system - Yokohama smart city project ! " Concept of Toshiba’s smart city ! " Urban disaster recovery area in Japan 3 Contents ! " Japanese Smart City Demonstraon ! " Toshiba’s success story - Miyako island smart grid system - Yokohama smart city project ! " Concept of Toshiba’s smart city ! " Urban disaster recovery area in Japan 4 Roadmap of smart city project 2009 2010 2011 2012 2013 2014 2015 - Miyako island smart grid project Energy stabilization Demand response project Effects & evaluaon of large PV/ many PV Distribution network system of next generations Energy management of Realiza<on of electric and thermal control smart city Energy conservaon project (BEMS/HEMS) Demonstration Smart EV project of basic technology (EV charging) New Mexico smart grid project (Overseas project) & others Demonstration The four-location smart city operational experiments (Japanese project) & others of smart city Business model project Earthquake (DR, Aggregator) 5 Contents ! " Japanese Smart City Demonstraon ! " Toshiba’s success story - Miyako island smart grid system - Yokohama smart city project ! " Concept of Toshiba’s smart city ! " Urban disaster recovery area in Japan 6 Miyako island smart grid system 7 Major smart city project in Japan 4 areas were selected as the smart city of first pilot
  • Mitsubishi Estate Co., Ltd. Scores Another Try to Become the Official Sponsor of Rugby World Cup 2019 in Japan!

    Mitsubishi Estate Co., Ltd. Scores Another Try to Become the Official Sponsor of Rugby World Cup 2019 in Japan!

    April 16, 2018 PRESS RELEASE Mitsubishi Estate Co., Ltd. Mitsubishi Estate Co., Ltd. scores another try to become the Official Sponsor of Rugby World Cup 2019 in Japan! Mitsubishi Estate Company Limited (MEC) is proud to announce that it has become the Official Sponsor of Rugby World Cup 2019, Japan which will be played across 12 venues the length and breadth of the host nation between September 20th and November 2nd. ▲Official Rugby World Cup 2019 Japan Logo Hosted once every four years and held over the course of seven weeks, Rugby World Cup is one of the largest and the most popular sporting events in the world. Rugby World Cup 2019 Japan is the first tournament in Rugby World Cup history to be hosted outside of the traditional rugby nations. The participating teams of Rugby World Cup show the country pride and courage through their relentless hard work and unyielding fighting spirit. Furthermore, the spirit of rugby, “One for All, All for One”, coincides with MEC’s basic principles cultivated through enriching urban lives in the form of real estate developments under the brand slogan of “Forever Taking on New Challenges”. Through this sponsorship, MEC hopes to contribute to the overall success of Rugby World Cup together with other Japanese sponsors. ■Comment from World Rugby Chairman Bill Beaumont “We are delighted to be welcoming Mitsubishi Estate Co., Ltd. to the Rugby World Cup commercial programme for the first time as an official sponsor for Japan 2019. The appointment of another major brand, demonstrates the significant commercial appeal of Rugby World Cup 2019 in the global and domestic marketplace.” ■Comment from Mitsubishi Estate President and CEO Junichi Yoshida “It is a great honor to be part of Rugby World Cup 2019 as an official sponsor.
  • Real Estate Sector 4 August 2015 Japan

    Real Estate Sector 4 August 2015 Japan

    Deutsche Bank Group Markets Research Industry Date Real estate sector 4 August 2015 Japan Real Estate Yoji Otani, CMA Akiko Komine, CMA Research Analyst Research Analyst (+81) 3 5156-6756 (+81) 3 5156-6765 [email protected] [email protected] F.I.T.T. for investors Last dance Bubbles always come in different forms With the big cliff of April 2017 in sight, enjoy the last party like a driver careening to the cliff's brink. Japan is now painted in a completely optimistic light, with the pessimism which permeated Japan after the Great East Japan Earthquake in 2011 forgotten and expectations for the 2020 Tokyo Olympics riding high. The bank lending balance to the real estate sector is at a record high, and we expect bubble-like conditions in the real estate market to heighten due to increased investment in real estate to save on inheritance taxes. History repeats itself, but always in a slightly different form. We have no choice but to dance while the dance music continues to play. ________________________________________________________________________________________________________________ Deutsche Securities Inc. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 124/04/2015. Deutsche Bank Group Markets Research Japan Industry Date 4 August 2015 Real Estate Real estate sector FITT Research Yoji Otani, CMA Akiko Komine, CMA Research Analyst Research Analyst Last dance (+81) 3 5156-6756 (+81) 3 5156-6765 [email protected] [email protected] Bubbles always come in different forms Top picks With the big cliff of April 2017 in sight, enjoy the last party like a driver Mitsui Fudosan (8801.T),¥3,464 Buy careening to the cliff's brink.
  • Published on 7 October 2016 1. Constituents Change the Result Of

    Published on 7 October 2016 1. Constituents Change the Result Of

    The result of periodic review and component stocks of TOPIX Composite 1500(effective 31 October 2016) Published on 7 October 2016 1. Constituents Change Addition( 70 ) Deletion( 60 ) Code Issue Code Issue 1810 MATSUI CONSTRUCTION CO.,LTD. 1868 Mitsui Home Co.,Ltd. 1972 SANKO METAL INDUSTRIAL CO.,LTD. 2196 ESCRIT INC. 2117 Nissin Sugar Co.,Ltd. 2198 IKK Inc. 2124 JAC Recruitment Co.,Ltd. 2418 TSUKADA GLOBAL HOLDINGS Inc. 2170 Link and Motivation Inc. 3079 DVx Inc. 2337 Ichigo Inc. 3093 Treasure Factory Co.,LTD. 2359 CORE CORPORATION 3194 KIRINDO HOLDINGS CO.,LTD. 2429 WORLD HOLDINGS CO.,LTD. 3205 DAIDOH LIMITED 2462 J-COM Holdings Co.,Ltd. 3667 enish,inc. 2485 TEAR Corporation 3834 ASAHI Net,Inc. 2492 Infomart Corporation 3946 TOMOKU CO.,LTD. 2915 KENKO Mayonnaise Co.,Ltd. 4221 Okura Industrial Co.,Ltd. 3179 Syuppin Co.,Ltd. 4238 Miraial Co.,Ltd. 3193 Torikizoku co.,ltd. 4331 TAKE AND GIVE. NEEDS Co.,Ltd. 3196 HOTLAND Co.,Ltd. 4406 New Japan Chemical Co.,Ltd. 3199 Watahan & Co.,Ltd. 4538 Fuso Pharmaceutical Industries,Ltd. 3244 Samty Co.,Ltd. 4550 Nissui Pharmaceutical Co.,Ltd. 3250 A.D.Works Co.,Ltd. 4636 T&K TOKA CO.,LTD. 3543 KOMEDA Holdings Co.,Ltd. 4651 SANIX INCORPORATED 3636 Mitsubishi Research Institute,Inc. 4809 Paraca Inc. 3654 HITO-Communications,Inc. 5204 ISHIZUKA GLASS CO.,LTD. 3666 TECNOS JAPAN INCORPORATED 5998 Advanex Inc. 3678 MEDIA DO Co.,Ltd. 6203 Howa Machinery,Ltd. 3688 VOYAGE GROUP,INC. 6319 SNT CORPORATION 3694 OPTiM CORPORATION 6362 Ishii Iron Works Co.,Ltd. 3724 VeriServe Corporation 6373 DAIDO KOGYO CO.,LTD. 3765 GungHo Online Entertainment,Inc.
  • Appointment of Councillors, Directors and Auditors, and Appointment of President and Managing Director

    Appointment of Councillors, Directors and Auditors, and Appointment of President and Managing Director

    17 June 2013 Appointment of Councillors, Directors and Auditors, and Appointment of President and Managing Director The Financial Accounting Standards Foundation (FASF) is pleased to announce the appointment and reappointment of Councillors, Directors and Auditors, approved at the Councillors Meeting held on 14 June 2013. The FASF also announces the appointment of President, the reappointment of Managing Director, as well as the appointment and reappointment of members of the Standards Advisory Council and other Committees, approved at the Board of Directors Meeting held on 17 June 2013. (new appointees are underlined): Councillors Hideyoshi Ando Professor, Senshu University School of Commerce Kenjiro Egashira Professor, Waseda Law School Koichiro Kimura Chief Executive Officer, PricewaterhouseCoopers Aarata Masakazu Kubota Senior Managing Director, Keidanren Atsushi Saito Group CEO, Japan Exchange Group, Inc. Yoshikiyo Sakai Director and Senior Vice President, Director of Finance and Accounting Department, Nippon Telegraph and Telephone Corporation Koichi Takahata Managing Executive Officer, Assistant General Manager, Financial Resources Management Group, General Manager, Accounting Controlling Dept., Sumitomo Corporation Shigeru Nakajima Attorney-at-Law Yoshiaki Nishimura President, Tokai Rubber Industries, Ltd. Tsuguoki Fujinuma Adviser, The Japanese Institute of Certified Public Accountants Shozo Yamazaki Chairman and President, The Japanese Institute of Certified Public Accountants (Appointment effective 14 June 2013） Retired Councillors: Koichi Masuda Adviser, The Japanese Institute of Certified Public Accountants Joji Okada Representative Director, Senior Executive Managing Officer, Mitsui & Co., Ltd. Yoshitaka Kato Chairman & Chief Executive Officer, Ernst & Young ShinNihon LLC Kazuaki Kama Chairman of the Board, IHI Corporation Yukihiro Sato Senior Corporate Adviser, Mitsubishi Electric Corporation Toru Hashimoto President & CEO, Development Bank of Japan Inc.
  • Iidabashi Station West Exit Area Redevelopment Project Case Study

    Iidabashi Station West Exit Area Redevelopment Project Case Study

    CodeCode ofof ConductConduct TheThe RealReal EstateEstate CompaniesCompanies AssociationAssociation ofof JapanJapan -Creating New Value for the Economy and Society- Japan’s declining population, falling birthrate and aging society are all having major impacts on our economy and society. New issues such as increasing internationalization and global environmental problems also need to be addressed. In this context, Japan’s real estate industry has a social responsibility to create new value to contribute to the economy and society. It is expected to supply high-quality buildings and housing, and help make people’s daily lives-whether at home, work, or play-more comfortable and affluent. As a cornerstone of domestic demand, the industry should also help drive national economic growth. Based on this mission, members of the Real Estate Companies Association of Japan pursue their activities in accordance with the principles below. 1. Creating Attractive Cities Members will help create safe, stable, comfortable and appealing cities; renew urban areas through forming quality housing stock and advanced business infrastructure; create dynamic environments rich in amenities; and work to maintain and enhance their value from both a hard and soft perspective so that they may be passed down to the future generations as high-quality assets. 2. Customer-Focused Activities and Management The provision of “Customer First” management is best served by supporting the lifestyle pursuits of customers in meeting their ever diversifying and increasingly unique needs with an enhanced selection of products and services, and also in providing accurate information while maintaining high ethical standards and acquiring greater expertise. 3. Environmental Harmony Members will work sustainably in order to integrate economic and environmental goals and create harmony through the realization of low-carbon cities.