Reutershere

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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.

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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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