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Japan Post Holdings Co., with $30 billion’ worth of properties across the nation, will redevelop sites in central Tokyo, Osaka and Nagoya as it turns to real estate as a new source of profit, a company official said.

The former state-run mail service that was privatized by the government last year will spend about ¥300 billion redeveloping the central post office sites in the country’s three biggest cities into office buildings, said Takashi Saito, deputy senior general manager of Japan Post Holdings Co.

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