Daikyo Inc., one of the nation's biggest apartment builders, will cut jobs as its largest shareholder, Orix Corp., the country's biggest nonbank financial company, considers investing more in the condominium builder.
The Tokyo-based contractor, 40 percent owned by Orix, plans to reduce its 4,000-strong workforce by 15 percent as sales of condominiums continue to fall, the company said in a press release distributed through the Tokyo Stock Exchange. Orix said Wednesday it may buy preferred shares in the condo builder.
Daikyo said it now expects a net loss of ¥51 billion for the year ending March 31, compared with its previous forecast of a ¥9.5 billion profit.