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Business

Seibu, others develop luxury villas for wealthy foreigners

An artist's rendering of the villas Seibu Holdings will sell in Karuizawa.

TOKYO -- Seibu Holdings and other Japanese property developers are looking to court wealthy foreign visitors by opening upmarket long-stay facilities in popular Japanese resort areas.

Seibu will work with Yokohama real estate agency List on one such development. That company is a partner of U.S. real estate firm Realogy Holdings, which has sales channels in more than 60 countries through the Sotheby's International Realty brand. These ties will give Seibu access to upper-class buyers worldwide.

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