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Japan's New City Residence fails with $1.1 bln debt

Thu Oct 9, 2008 5:37am EDT

TOKYO, Oct 9 (Reuters) - Japanese real estate investment trust New City Residence Investment Corp 8965.T said on Thursday it has filed for court protection with 112 billion yen ($1.12 billion) in debt.

The trust, which started trading on the Tokyo Stock Exchange in 2004, said it had difficulty raising money to repay its debt.

Japanese construction company Araigumi Co 1854.T on Wednesday filed for court protection with 45 billion yen in debt.

The global financial crisis has left real estate-related companies struggling to raise funds and pushing some into bankruptcy. (Reporting by Junko Fujita; Editing by Hugh Lawson)



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