Japan Inc. racks up $130bn in paper property gains, drawing investor pressure

Activist shareholders pressure companies to sell real estate for better asset efficiency Unrealized gains in corporate rental properties in Japan rose 25% in five years. (Photo by Rie Ishii) TOKYO — The real estate owned by listed Japanese companies has amassed paper gains totaling an estimated 20 trillion yen ($128 billion), prompting activist investors to pressure the businesses to sell off the assets for better capital efficiency.

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