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Japanese rail group Seibu to sell construction unit amid COVID slump

Company accelerates asset sales as commuters and vacationers stay home

A Seibu rail line: Seibu Holdings has put subsidiary Seibu Construction up for sale. 

TOKYO -- Japanese railway and hotel operator Seibu Holdings is selling its construction unit for about 40 billion yen ($357 million) in an effort to buttress its finances amid the COVID-induced travel slump, Nikkei has learned.

The move comes amid sluggish demand for commuting and vacationing due to prolonged COVID restrictions.

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