TOKYO — Shares of Japanese real estate developers forged ahead on the Tokyo Stock Exchange on Tuesday, inspired by Elliott Investment Management’s move to invest in Sumitomo Realty and Development, a highly undervalued real estate stock in Japan.
Shares of Mitsubishi Estate closed up more than 4%, while those of Mitsui Fudosan gained more than 1%. Sumitomo Realty and Development moved sideways after a 10.5% surge on Monday. Elliott’s investment in Sumitomo Realty was first reported by Bloomberg on Monday.
