Sony To Raise Cash By Selling Its Native Place

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Sony struck in hard times has decided to sell properties at a prestigious Tokyo site where it had its headquarters for six decades.

The company has already sealed a deal with Sumitomo Realty and Development to sell the real estate at 16.1 billion yen that roughly translates to $157 million.

The deal comes after Sony said last year it was selling its US headquarters in Manhattan for $1.1 billion in a bid to recover from four consecutive years of losses.

In 2007, the firm sold a portion of the site, moving its headquarters to the opposite side of Shinagawa station.

Sony and domestic rivals Panasonic and Sharp have incurred huge losses from abroad in their hard-hit consumer electronics units.

Sony returned to profit in its latest fiscal year, but it is braced for a $1.08 billion loss in the 12 months to March as it plans to cut 5,000 jobs and exit the stagnant PC market.

The electronics major started as Tokyo Tsushin Kogyo in 1946 and later moved from a different site in the capital to the Gotenyama area, where it grew into a global player built on its groundbreaking Walkman and popular televisions.

Sony, however, made it clear that the real-estate sale would not affect its earnings forecast for the current fiscal year.

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