July 17 Japanese home builder Sekisui House
(1928.T) plans to spend 200 billion yen ($2.13 billion) to
develop homes and properties in Australia over the next 10
years, the Nikkei business daily said.
Sekisui House, which plans to build 4,000 condos and homes
and sell subdivision lots for 2,600 residences, will focus on
the east coast cities of Sydney and Brisbane, the paper learned
Thursday. Homes will be constructed using Sekisui House's
wooden housing series platform, with building materials to be
bought locally, the daily said.
For starters, Sekisui House will establish a 15 billion yen
operating fund, which will be used to run the business, the
The Osaka-based company, which faces a dwindling housing
market in Japan, has no immediate plans to take out loans or
issue bonds, Nikkei said. This is the company's first
full-scale investment in overseas real estate, the daily said.
(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by