• Kyodo

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Japan Post Holdings Co. has announced it will establish a real estate unit with an eye to making the new business a major source of revenue.

The company said Wednesday that it aims to contribute to regional economies through Japan Post Real Estate Co. by utilizing former post office sites and other facilities across the country. The company is to be launched on Monday.

Japan Post scrapped talks to buy Nomura Real Estate Holdings Inc. last year because of a disagreement over the price and other issues. Revenues from its postal services have been hit hard by the growing use of email and other modern communication tools.