[Japanese-to-English translation: Business & Human Rights Resource Centre]

[...] Our views was published on our website on 3 June[...]

https://www.daiwahouse.com/English/ir/ir_news/pdf/dh_irnewsE220603.pdf (English)

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[ Statement regarding Daiwa House subsidiary’s continued suspension of real estate development in Myanmar ] 3 June 2022

Daiwa House Industry Co., Ltd. announces that it has decided to continue the suspension of operations related to Y Complex, the large-scale mixed-use development project in Myanmar involving participation by its subsidiary Fujita Corporation.

This development had been the first investment project approved for investment in accordance with the Myanmar New Investment Law enacted after Myanmar established a civilian government. This project was a large-scale multi-use development in the center of Yangon being directed by a consortium of Japanese companies through a local project company. Launched in 2017, this project was expected to contribute to economic development in the region by creating local hiring opportunities and promoting infrastructure development.

This project also included participation by Tokyo Tatemono Co., Ltd. and Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development (JOIN), which formed an alliance with a local partner in Myanmar, to establish Y Complex Company Limited as a local project management company for project development.

However, since the declaration of the state of emergency issued in Myanmar on February 1, 2021, we have been forced to suspend construction and other operations related to the project out of concern for the safety of the people of Myanmar and people involved in this project. And in light of current conditions, we decided to continue the suspension of project operations. Please note that we have paid no land fees whatsoever in relation to this project since 1 February 2021.

We intend to maintain the suspension of operations for this project until human rights standards in Myanmar are raised to internationally recognized levels. As for a decision on the resumption of operations, we are partnering with relevant government agencies and project stakeholders to conduct necessary evaluations.

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Daiwa House Industry Co., Ltd. established the Human Rights Policy of Daiwa House Group in 2018. One of our corporate responsibilities is to contribute through our business activities towards the realization of a society in which human rights are respected. Moving forward, we remain committed to respecting the dignity and basic human rights of all people, and to ensuring we respond justly and fairly to all human rights issues.

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