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Weak yen and cheap money keep Japan's property market booming

Sale of government-owned offices in Tokyo seen rivaling record deal for Dentsu HQ

More than 10 foreign and domestic investors submitted proposals to buy the government-owned portion of the Otemachi place complex in Tokyo.

TOKYO -- Bidding for a government-owned office property in Tokyo shows that the country's real estate market is still going strong, thanks to a weak currency and ultralow interest rates that have drawn both foreign and domestic investors eyeing healthy returns.

More than 10 companies submitted proposals to buy the government-held portion of the Otemachi Place complex, in the capital's financial district, before the deadline Thursday. The sale of the property, which was redeveloped in 2018, is being handled by Mizuho Trust & Banking. A final decision will be made in September.

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