Abstract
This paper deals with the role of housing development by estate campanies, through the case of Kansai Tochi Co. Ltd., which were founded in the middle of Taisho era. Tomosaburo TAKEHARA, the President of Kansai Tochi Co. Ltd., former a stock broker, was actively engaged in the housing enterprises by merging many estate companies, and the way of his housing management was to speculate in the housing estates as if they had been the stocks. He not only took over the business of merged estate companies but employed excellent managers and architects. Especially, Ohmino Den-en Toshi which had been developed by Kansai Tochi Co. Ltd. and MORISHOUJI District in Osaka City which was the project of a land readjustment system, were developed into the residential areas with excellent quality. But the company was in financial difficulties because it owned too many housing estates and a balance between supply and demand couldn't be kept during the war. It disappeared unexpectedly after the war in spite of developing land remarkably.
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