The firm has $1.1 billion of debt. "A string of Japaneseproperty developers and construction firms have failed in the pastfew months, hit by a tightening of credit to an industry strugglingwith high raw materials prices and weaker demand as the economyslows," says the Reuters article.


New City owns 106 properties, most of them in the Tokyo area.The firm was established in late 2004 and became a REIT in Decemberof that year. CB Richard Ellis Residential Management manages thefirm's portfolio.

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