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Business

Sumitomo spending big on property development

Japanese trading house has 200bn yen for its domestic and other Asian markets

This rendering shows a condominium complex that Sumitomo Corp. plans to develop in India.

TOKYO -- Japanese trading house Sumitomo Corp. plans to spend a total of 200 billion yen ($1.76 billion) developing real estate in Japan and abroad by the fiscal year through March 2020. The projects will include mid-range buildings, those of eight to 12 stories, in Tokyo as well as apartment buildings and logistics facilities.

Sumitomo expects the properties in Japan, especially in central Tokyo, to bring in stable revenue streams. It also wants to chase opportunities in other parts of Asia where the number of middle-income earners is growing fast.

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