Yokotoshi Kaihatsu announced on March 26 that they have formed a business partnership with Shanghai Dewei Real Estate. The business partnership was formed as Yokotoshi is nearing insolvency. Dewei will hold a 36% interest in Yokotoshi and will receive two seats on the board of directors.
With the steep rise in real estate prices in China’s mainland, investors are seeking offshore investment opportunities. The partnership aims to introduce Japanese real estate to Chinese buyers. Dewei will also provide real estate services to Japanese businesses and clients who are looking for office and residential space in China.
Yokotoshi was ordered to suspend business operations for 22 days in February 2011 after they were found to be making unsolicited phone calls to market their “Griffin” series of investment-oriented studio apartments. The employees had been making continuous calls to the same clients, which was considered a form of harassment.
Jiji Press, March 26, 2012.
Kanagawa Shimbun, January 18, 2011.