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2993 東証スタンダード(不動産業)




(公開日 2021.12.30)


Choei(2993 TSE Standard)

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Pursuing the Property Management and the Property Leasing Businesses Centered on Kyoto Prefecture
Choei pursues the property management business and the property leasing business centered on Kyoto Prefecture. The property management business accounted for 39.3% of net sales in the fiscal year ended March 2021 and the property leasing business for 60.7%. The majority of the company’s operating profit is therefore accounted for by the property leasing business, and its operating margin is high as well.

Property Management Business
Its property management business provides services required for property lease management that supports stable lease management for owners of rental properties.

Since continued occupancy by tenants over an extended time helps to maximize revenue for owners, Choei responds to tenants’ problems 24 hours a day, 365 days a year, and it also operates Bellevie Club, a membership organization for tenants, which offers various courtesy services, events, and promotional campaigns for members.

The number of units managed by the property management business was 25,173 as of the end of October 2021, of which 4,609 were in properties belonging to Choei.

Property Leasing Business
The property leasing business of the company secures high occupancy rates by leveraging the expertise acquired in the lease management business and by carrying out upgrading work and replacing facilities even in relatively old buildings. It also manages properties that it owns, leading to growth in the number of managed units. It aims to improve its profitability by reducing maintenance costs based on economies of scale.

Until around 2010, the business acquired an average of two to three properties per year, mainly within Kyoto City. More recently, it has also been acquiring properties outside of Kyoto, such as in Shiga, Osaka, and Aichi. In acquiring properties for its portfolio, Choei’s criteria include a gross rate of return (annual rent revenue divided by the property acquisition price) of at least 8%.












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