JR East President Yoichi Kisei announced at a regular press conference on the 8th that the company will abolish its company housing and convert it into condominiums and other properties. The company and Itochu Corporation have agreed to establish a new real estate company around October, which will promote the utilization of these properties. Through the development and conversion of company housing sites, the company expects to generate approximately 150 billion yen in revenue from its real estate business by fiscal 2031. Kisei stated, "The company housing we are abolishing is a valuable asset, and we want to create new revenue value with our own hands," also mentioning conversion to rental housing and sales as means of monetization. Since the maximum period for employees to reside in company housing is set at 15 years, some measures will be taken for employees who leave the housing before their period expires.
East Japan Railway CompanyJR East plans to convert company housing into condominiums, expecting 150 billion yen revenue by fiscal 2031.
Itochu CorporationItochu will establish a new real estate company with JR East to develop and utilize these properties.
