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Business

Iida Group sets up shop in US, Russia

TOKYO -- Iida Group Holdings is looking abroad as an aging population erodes domestic demand, hoping to use the expertise in affordable housing that drove its growth to attract customers in markets such as the U.S. and Russia.

     The builder of detached homes was formed in 2013 from the merger of six builders. It sold about 41,000 detached homes in fiscal 2014, leading the Japanese market, and ranked third in sales at 1.18 trillion yen (about $10.8 billion at the time). With housing starts projected to fall from 880,000 in fiscal 2014 to 530,000 in fiscal 2030, Iida Group is shifting focus to other markets, following a strategy similar to that of prefabricated-house builders such as Sekisui House. It expects to spend 10 billion yen ($84.3 million) initially on plants and other investments.

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