Jose Antonio enters into affordable housing partnership with Mitsubishi

Century Properties Group Inc. has inked a deal with Japanese conglomerate Mitsubishi Corp. to jointly build affordable housing units.

As its initial foray, Businessman Jose E.B. Antonio?s CPG has secured a 26-hectare property in Tanza, Cavite to develop around 4,000 homes catering to the first homebuyer market.

The partnership is aimed at addressing the strong demand in the affordable segment, which has a significant share in the housing backlog of 5.56 million this year.

?In our 30-year history, we pride ourselves for our contributions to Manila?s landscape, having built high-quality iconic projects that cater to the luxury, middle income, and affordable market segments,? Antonio said.

CPG and Mitsubishi?s first partnership involves the development of the $100 million Forbes Media Tower in the Philippines.

Japan yen intervention cost estimated $20.8 billion

The Japanese government’s intervention to bolster the national currency last week cost an estimated three trillion yen ($20.8 billion), a new record, the Nikkei business daily and other local media said Monday.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.