Loss-hit Sony to sell Tokyo properties in restructuring drive

Japanese consumer electronics major Sony yesterday said it would sell properties in a prestigious Tokyo site, where it has had its headquarters for six decades.

In 2007, it had sold a portion of this site, near Tokyo's Shinagawa railway station.

The announcement comes as the Japanese electronics giant attempts to repair its bottom line, from four consecutive years of losses.

According to Sony, its ¥16.1-billion deal to sell the real estate to Sumitomo Realty and Development would be completed next month and its 1,000 employees who are currently housed there will be relocated to its current headquarters.

Last year Sony had sold its US headquarters in Manhattan for $ 1.1 billion.

Sony and domestic rivals Panasonic and Sharp are facing severe competition as their consumer electronics have been hit hard by cheap Chinese products, and have taken a painful restructuring to end years of losses.