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Toyota Motor, Mori Building Co defer commercial complex on i'ment conditions

TOKYO, Nov 6, 2009 (Asia In Focus via COMTEX) --

Company: Toyota Motor Corp. (TM)

TOYOTA MOTOR CORP. (TSE:7203) and MORI BUILDING CO. will postpone building a large-scale commercial complex in Tokyo's Odaiba entertainment district because of chilled investment conditions. The two firms now have a 10-year lease on the land, which covers around 79,000 sq. meters and is home to the Palette Town commercial complex.

* They had planned to tear down the complex next May, return the land to its current owner, the Tokyo Metropolitan Government, and then purchase it for some 80 billion yen (US$881.5 million).

* They had envisioned spending around 200 billion yen to construct a large-scale building with 23 above-ground floors containing offices, stores and car-testing facilities.

Copyright (C) 2009 Asia in Focus. All rights reserved

News Provided by COMTEX

Company: Toyota Motor Corp. (TM)


Related terms: commercial, entertainment, government, investment, tokyo, yen

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