UPDATE 1-Japan condo developer Azel to file for bankruptcy

* Says to file for bankruptcy with $451 million debt

* Decides to liquidate after failing to secure fund

TOKYO, March 30 (Reuters) - 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 said.

It said it had about 44.2 billion yen ($451 million) in debts.

For the nine months ended in December, it posted a net loss of 8.8 billion yen. ($1=98.08 Yen) (Reporting by Taiga Uranaka; Editing by Michael Watson)