JINUSHI specializes in developing land with leasehold interest (leasehold land) into real estate products. It procures land (including land with buildings) from landowners, converts them into vacant lots, and leases these to tenants. The company does not build structures on its own; rather it solicits tenants such as major supermarkets and home improvement centers, which shoulder the cost to construct their own buildings. The land lease is based on a fixed-term commercial land lease agreement*1 under which the company becomes the owner of the leasehold land and the tenant the leasehold right holder. Ultimately, the company earns capital gains from selling the land to professional investors such as REITs, asset management companies, or other businesses. The process from securing a tenant to selling the leasehold land to an investor takes roughly one year to 18 months, and NCD collects land rent from tenants in the intervening period. Once it sells the land to an investor, the latter becomes the landowner and collects land rent from the tenant for a period of 20 to 30 years.