I'm not sure how true this is across Japanese railroads. JR East and Central, which I think are the biggest privately owned railroads, make way more from running trains than real estate/retail https://www.jreast.co.jp/e/investor/ar/2018/pdf/ar_2018-04.pdf … https://global.jr-central.co.jp/en/company/ir/annualreport/_pdf/annualreport2015.pdf …https://twitter.com/kimmaicutler/status/1078171664087699456 …
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MTR, yes, I said it's flipped. Big JRs still making way more from trains than real estate/retail though
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