Osaka Prefecture and Tokyo Metropolitan Government have revoked the business license of the operating company of “Minna de Oya-san” and ordered the return of investment.

Regarding the issue surrounding the real estate investment product ``Everyone is a Landlord,'' Osaka Prefecture on the 1st revoked the license under the Real Estate Specified Joint Venture Act, saying that the operating company, Toshi Souken Investment Fund (Osaka), had given false explanations to investors and caused damage.

Order to return 350 million yen invested capital - everyone is a landlord - Osaka District Court

On the 1st, the Tokyo Metropolitan Government also revoked the business license of a subsidiary company, ``Minna de Oyasan Sales'' (Tokyo). Permits cannot be re-obtained for five years and new business will be suspended.

Everyone is a landlord is a business model that solicits investment from multiple investors for development projects around Narita Airport (Chiba) and distributes real estate operating profits. Osaka Prefecture took issue with the fact that Urban Research Institute had an excess of 288.1 billion yen in debt in the fiscal year ending March 2026, and repayments were delayed, as well as the fact that it solicited investment while concealing the fact that it had not been able to collect real estate rents.

In response to the disciplinary action, Urban Research Institute issued a comment saying, ``We will continue to take necessary measures to appropriately conclude the work under the existing contract.''