Sony plans to sell Tokyo building to fund restructuring

Sony plans to sell Tokyo building to fund restructuring

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Cash-strapped electronics giant Sony is now planning to sell one of its main buildings in Tokyo, as the company is trying its best to raise enough cash to fund its huge construction. The company is now trying to revive its financial situation and will be selling off its chemical division.

Sony will also be investing about 50 billion yen on camera and medical equipment maker Olympus. Reports have said that the building which the company plans to sell is less than two years old and will help the company raise funds for its reconstruction.

According to the real estate prices in Tokyo, the money will be more than enough to cover the cost of the Olympus investment. The building is located in Tokyo’s Osaki district and has 25 stories with 2 levels underground. It also accommodates Sony’s television division. The company is planning to sell another of its buildings in Manhattan, due to the bad financial condition of the firm.

In recent times Sony has seen its stock tumble below the 1,000 yen a share mark in June, 2012. In the earlier financial year it has lost around $1 billion, which shook up its product line and chop costs. The electronics heavyweight has also suffered bad times due to a high yen and slowing demand in key export markets.