Tokyo Metropolitan Government Orders Partial Suspension of Operations to “Everybody’s Landlord” Sales Amid Narita Airport Surrounding Development Fund Sale

The Tokyo Metropolitan Government has issued an administrative order for a 30-day partial suspension of operations to “Everybody’s Landlord” Sales, based on the Real Estate Specified Joint Business Act.

“Everybody’s Landlord” Sales has been handling the sales of the real estate co-ownership fund “Everybody’s Landlord,” operated by Urban Comprehensive Research Invest Fund.

According to the Tokyo Metropolitan Government, despite recognizing as a significant matter that changes to the business plan of the “Narita Airport Surrounding Development Project” would affect the asset value of the targeted land, they neglected to explain this important matter to investors.

Furthermore, in some funds, despite including land not covered by development permission as the target property, they falsely described that they had obtained development permission, conducting solicitation and contracting. For correction, although they attempted to exchange the land not covered by the permission with the land that received it, they engaged in inappropriate actions during contract amendments with investors.

Moreover, the pre-contract delivery documents should have included the shape and structure of the land after completion of the land development work, but described the condition before completion of the land development work.

In May, the group’s Kyosei Bank revealed plans to construct a mixed-use facility “GATEWAY NARIT” near Narita International Airport. The site area is about 445,000 square meters, with a total floor area of about 380,000 square meters. The opening is planned for March 2027. The plans include an arena with a screen size of 6,000 square meters and over 5,000 seats, a hotel with the largest number of rooms in the area, research and development facilities aimed at expanding Japan’s food exports, a bus terminal, and a parking building.

“Everybody’s Landagent” has raised funds from individual investors through 18 rounds for the “Narita Airport Surrounding Development Project,” with a management period of about 5 years and an expected yield of 7%, which is high. However, due to the unsatisfactory development situation, there have been voices of doubt on social media. Although Rakumachi Real Estate Investment Newspaper had published an article raising issues with the scheme, they withdrew the article after Kyosei Bank and three other group companies announced they had filed a criminal complaint.