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Japan-Update

Developer Hulic to meet profit target three years early

Profit to reach $755m in 2020 on strong demand for office, commercial space

TOKYO -- Leading Japanese property developer Hulic is now expected to achieve 85 billion yen ($755 million) in group pretax profit in 2020, three years sooner than it had predicted, thanks to booming demand for office and commercial space rentals.

The Tokyo-based company will continue actively investing in property through 2020. Each year, it aims to spend about 150 billion yen to purchase property, expanding its total floor space for rent by 10-20%.

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