* Says to file for bankruptcy with $451 million debt
* Decides to liquidate after failing to secure fund
TOKYO, March 30 Japanese condominium developer
Azel Corp 1872.T said on Monday it would file for bankruptcy,
hit by the property market slump and credit crunch.
It is the latest in a growing list of Japanese real estate
companies going under as the world's second-largest economy falls
deeper into recession.
In a statement, the firm said it had given up trying to
continue its business and would liquidate it after it failing to
secure working capital to service debts.
It said its condominium sales have been hurt by the downturn
in the property market following the global financial turmoil.
The firm's general contractor business also suffered as some
client condominium developers failed to pay it on schedule, it
It said it had about 44.2 billion yen ($451 million) in
For the nine months ended in December, it posted a net loss
of 8.8 billion yen.
(Reporting by Taiga Uranaka; Editing by Michael Watson)