• Kyodo

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Sony Corp. said Thursday it has set up a real estate company as part of its efforts to create new projects to turn around its flagging business.

Sony Real Estate Corp., wholly owned by Sony, aims to start up in August and go public in three years, with an eye to achieving annual sales of ¥50 billion in five years.

Sony set up a special organization on April 1 to exchange new ideas among employees for new businesses. It intends to pursue their proposals while referring to the opinions of outside experts.

Sony has been focusing on new business fields such as medicine as it struggles to keep its mainstay electronics business afloat amid fierce international competition.

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