Deal to sell Chinese condos in Japan

Japan’s Orix Corp. and Daikyo Inc. have confirmed that they will work with major Taiwanese property broker Sinyi Realty Co. to sell condominiums in Japan to Chinese and Taiwanese investors.

The Japanese leasing firm and the condo developer will present condos that they develop in central Tokyo to Sinyi’s local unit. In addition, a Daikyo group property broker is to supply information on existing condos.

Sinyi, which engages in real estate brokering businesses in Taiwan and mainland China, logged some 19 billion yen (US$220 million) in sales in 2009. It has a track record of offering investment properties to affluent clients in these markets. The firm hopes to bolster its operations in Japan through its partnership with Orix and Daikyo, aiming to broker the sale of 300 properties equal to a combined 15 billion yen in 2012.

Orix entered a business partnership with Sinyi in 2007, and Daikyo formed a tie-up with the Taiwanese firm the following year.

Condo sales in central Tokyo have been recovering since the beginning of the year, with about 30 per cent more new units put on the market than the same period a year earlier. Demand for Japanese real estate is expected to grow among East Asian investors.