Commercial

Japanese Real Estate Tycoon Arrested in Tokyo for Tax Evasion (VIDEO)

A Japanese real estate tycoon, Genshiro Kawamoto has been arrested for evading corporate tax payments worth more than $8.5 million on commercial buildings that he owns in Japan. The 81-year-old businessman was also accused of hiding revenue worth $31 million (2.9 billion yen) in his rental earnings for three years ending December 2011.

Panasonic Selling Tokyo Office for $536 Million

Japanese electronics magnate, Panasonic Corporation is selling its office building in central Tokyo for around $536 million to the same two companies that recently purchased Sony Corporation’s “Sony City Osaki” building for $1.2 billion. Details of the deal have already been sketched out and the sale is expected to be complete by Tuesday, March 12.

HSBC Selling Consumer Portfolios Worth $3.2 Billion

HSBC Financial Corporation is selling two of its major U.S. consumer portfolios comprising of mortgage and personal loans worth $3.2 billion, all in cash, in an effort to scale down its operations in the country.Its finance unit, HSBC Finance Corporation will be selling off more than 400,000 personal homeowner and unsecured loan portfolios to Springleaf Finance Corporation and Newcastle Investment Corp.
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