Leading condominium builder Daikyo Inc. will establish a joint venture with Mori Trust Co. to sell high-quality condominiums in Tokyo’s downtown areas, Daikyo said Friday.

The 50-50 subsidiary, Foretseine Co., will start business Tuesday with 200 million yen in capital, Daikyo said.

The two companies will combine Daikyo’s condo business knowhow with Mori Trust’s city development expertise, enabling their subsidiary to contribute to urban renewal in the metropolitan area, Daikyo said.

Foretseine has a sales target of 30 billion yen within three years, rising to 100 billion yen by 2006, it said.

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