Huser

Huser was a Japanese real-estate company that developed and sold condominiums. The business was based in Tokyo and operated under several corporate names before adopting the Huser name in 2003. Its founder and chairman was Susumu Ojima. The company was established in 1982 as Kōwa Real Estate Co., Ltd. It was renamed Apartment Distribution Center Co., Ltd. in 1983 and Housing Center Co., Ltd. in 1985. In 2003, it adopted the name Huser, an abbreviation derived from “HUman USer.” The company’s activity centered on residential property development and condominium sales rather than on a broad consumer brand portfolio. Huser became widely known in Japan in 2005 when falsification of structural earthquake-resistance data was discovered in some condominiums it had sold. The issue became part of a wider Japanese building-safety scandal involving developers, construction-related parties, structural-design professionals, and inspection processes. The discovery severely damaged Huser’s ability to continue operating. A planned acquisition of the Seishin Oriental Hotel from Daiei, agreed shortly before the scandal became public, was canceled. Huser subsequently suspended business operations. The company moved its main office from the top floor of Pacific Century Place in Marunouchi, Chiyoda, to Ōta, Tokyo, on February 1, 2006, after an office evacuation on January 31. On February 16, 2006, the Tokyo District Court declared Huser bankrupt. The company is therefore a historical, defunct real-estate developer rather than an active Japanese property brand. Available reference material records company capital of ¥208 million in 2005 and sales of ¥12.4 billion for the fiscal period ending March 2004. These figures are historical and are not presented as current financial information.

Huser originated in Japan’s residential real-estate sector. It was established in 1982 under the name Kōwa Real Estate Co., Ltd. The company changed its name to Apartment Distribution Center Co., Ltd. in 1983 and then to Housing Center Co., Ltd. in 1985. These successive names reflected the company’s development as a property and condominium-related business. In 2003, the company adopted the name Huser Co., Ltd. The name was explained as an abbreviation of “HUman USer.” Under this identity, Huser operated as a Tokyo-based real-estate developer that developed and sold condominiums. Its founder and chairman was Susumu Ojima. Reference material identifies Ōta, Tokyo, as the company’s base and records historical capital of ¥208 million in 2005 and sales of ¥12.4 billion for the fiscal year ending in March 2004. The decisive event in Huser’s history occurred in 2005, when falsification of structural earthquake-resistance data was discovered in some of the condominiums the company had sold. The issue raised questions about the safety of affected buildings and became associated with a wider Japanese building-construction scandal involving inaccurate structural information and weaknesses in oversight. The discovery undermined Huser’s commercial position and reputation. Shortly before the scandal became public, Huser had decided to purchase the Seishin Oriental Hotel from Daiei. That transaction was canceled after the company’s crisis emerged. Huser was then forced to suspend business operations. The company’s offices also changed during the final stage of its existence: its main office was evacuated from the top floor of Pacific Century Place in Marunouchi, Chiyoda, on January 31, 2006, and the head office moved to Ōta, Tokyo, on February 1. On February 16, 2006, the Tokyo District Court declared Huser bankrupt. This court declaration marks the end of Huser as an active developer and seller of condominiums. Its historical significance rests less on a continuing product portfolio than on its role in Japan’s mid-2000s building-safety controversy and the consequences that the falsified structural data had for the company’s operations.

• 2006

  Bankruptcy declared

  [1]Huseren.wikipedia.org

  The Tokyo District Court declared Huser bankrupt on February 16.

• 2005

  Structural-data falsification discovered

  [1]Huseren.wikipedia.org

  Falsification of earthquake-resistance data was found in some condominiums sold by Huser, triggering a major corporate crisis.

• 2003

  Adopted the Huser name

  [1]Huseren.wikipedia.org

  The company became Huser Co., Ltd.; the name was described as an abbreviation of “HUman USer.”

• 1985

  Renamed Housing Center Co., Ltd.

  [1]Huseren.wikipedia.org

  The business changed its name again to Housing Center Co., Ltd.

• 1983

  Renamed Apartment Distribution Center Co., Ltd.

  [1]Huseren.wikipedia.org

  The company adopted a new corporate name, Apartment Distribution Center Co., Ltd.

• 1982

  Company established as Kōwa Real Estate Co., Ltd.

  [1]Huseren.wikipedia.org

  The business was founded in Japan under the name Kōwa Real Estate Co., Ltd.

A Japanese residential property developer focused on developing and selling condominiums.

• Residential real estate

  Condominiums

  Huser’s principal business was the development and sale of residential condominium properties in Japan. The company’s historical identity was tied to real-estate projects rather than to a separately documented range of consumer product brands. Some condominiums associated with Huser were later implicated in the discovery of falsified structural earthquake-resistance data.

• 2005

  Falsification of structural earthquake-resistance data

  Structural earthquake-resistance data was falsified in some condominiums developed and sold by Huser. The disclosure contributed to a wider Japanese building-safety scandal, damaged the company’s credibility, disrupted planned business activity, and preceded its suspension of operations and bankruptcy.

  Source

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• 2005

  Planned acquisition of Seishin Oriental HotelM&A

  Background

  Huser decided to purchase the Seishin Oriental Hotel from Daiei shortly before the structural-data falsification issue became public.

  Action taken

  The planned transaction was canceled after the company entered its crisis.

  Aftermath

  Huser was subsequently forced to suspend business and was declared bankrupt in February 2006.

  Source

1. 1Huseren.wikipedia.org