Asian stocks dropped, with the benchmark regional index declining for the first time in three days, after the conflict in Libya escalated and oil prices surged, threatening to derail the global economic recovery.
Mitsubishi Estate Co., Japan’s biggest developer by market value, halted sales of residential units in Tokyo after finding defects and will seek compensation from the builder Kajima Corp. The shares in both companies fell.
Kajima Corp. and the engineering unit of Nippon Steel & Sumitomo Metal Corp. may develop 500 megawatts of offshore wind power capacity in the next five years, the two companies said in a statement yesterday.
Algeria is withholding 100 billion yen ($1.2 billion) in payments owed to Japanese contractors, including Kajima Corp., for a highway construction project in the northern African country, the Asahi newspaper said.
Mitsui Fudosan Co., Japan’s largest property developer, is seeking approval for an entertainment complex and resort in Tokyo with construction firm Kajima Corp. and Fuji Media Holdings Inc., a government website shows.