Reuters here
The firm has $1.1 billion of debt. "A string of Japanese property developers and construction firms have failed in the past few months, hit by a tightening of credit to an industry struggling with high raw materials prices and weaker demand as the economy slows," 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 December of that year. CB Richard Ellis Residential Management manages the firm's portfolio.
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