While we also support asset management through approaches 1 and 2,
we especially welcome joint ventures focused on building cities together — approach 3.
This is not a framework for making calls or timing bets.
It is built to execute — continuously.
By participating in the Trust,
individual investors gain access to the results of execution
without relying on personal judgment or chance.
TRUST
Capital stays here — governed, circulating, and open to entry or exit.
From the trust, capital is deployed into SPCs.
Each SPC isolates a single project and ends cleanly.
It also serves as the vehicle for the JV with the landowner.
This is where development is executed, led by TOHO.
Capital moves forward. Projects move independently.
Investor rights are clearly defined at the Trust level.
Project-specific risks are contained within each SPC.
Development is executed through JVs.
By separating these roles, the structure achieves both safety and execution capability.
This is not an application. It is a position taken.
At the project level, returns below 40% do not warrant execution.
Annualized returns depend on development duration.
In practice, development periods of 18 to 24 months are achievable.