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April 23, 2014 AT 12:22 PM
Sony will branch out into the real-estate business in August and plans to take the unit public in three years, the Nikkei reported. Sony recently set up a real-estate unit in Tokyo, with the aim of generating annual sales of 50 billion yen or ($488.4 million) in five years. The real-estate foray marks the first initiative of a new project team at Sony that specializes in creating new businesses and aims at developing more than 10 new businesses over the next three years.