Japanese REIT fails, victim of credit crisis

Posted on | October 10, 2008

By REUTERS

TOKYO: New City Residence Investment Corp said it filed for court protection from creditors with US$1.1 billion (US$1 = RM3.50) in debt, the first Japanese real estate investment trust to fail as fallout from the credit crunch spreads. New City Residence, which owns apartment buildings in Ginza, Harajuku and other up-market areas of Tokyo, said it was having difficulty raising money to repay its debts and finance the purchase of new assets. New City becomes the 22nd listed Japanese company to fold so far this year and the 16th from the construction or real estate sectors.

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