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Next, I would like to explain the move to a holdings system with the establishment of Tokyu Fudosan Holdings Corporation, which took place on October 1.
To take full advantage of the Group's comprehensive strength, we have now moved to a holdings system, which will clarify the division of roles between "management" and "execution."
Through a joint share transfer by which shares of the newly established Tokyu Fudosan Holdings have been allocated to shareholders of the three companies-Tokyu Land Corporation, Tokyu Community Corporation, and Tokyu Livable, Inc.-Tokyu Fudosan Holdings has become a listed company, while the three companies have been delisted and are now wholly owned subsidiaries of Tokyu Fudosan Holdings, as shown in the lower right.
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