Friday, November 28th, 2008
Property developer MORIMOTO filed for bankruptcy protection taking out yet another local and pretty large real estate company. For rental properties, one of their series' names they are known for developing IPSE (イプセ) and for condominiums / flats for sale a couple of their series' names they are known for developing Diana Court (ディアナ・コート) and Crescent (クレッセント). 1615億2000万, 161.52 billion yen in liabilities makes this a pretty big one.
Tuesday, August 26, 2008
Condo Developer Sebon Files For Bankruptcy
TOKYO (Nikkei)--Saddled with 62.1 billion yen in liabilities in the face of a slumping
condominium market, Sebon Corp. filed for bankruptcy protection on Monday.
UPDATE: Tuesday, August 26, 2008 19:18:42
I did not think I would answer the question in the title of this post in just a few hours but developer SOHKEN HOMES is in the same boat as Sebon.
Like others that fell before it, Sebon succumbed to a sluggish housing market, rising material costs and tighter lending by banks wary of increasing their exposure to real estate projects amid jitters about the global credit crisis.
Real estate firms have been selling off buildings and land to bolster their finances, but that in turn has resulted in a glut in the market and lower prices.
They're saddled with about 33.1 billion yen in liabilities. Sebon and Sohken join a growing list which includes Urban Corp, Zephyr and NANBU.
UPDATE: Friday, August 29, 2008
Rinkai Nissan Kensetsu- 70.5 billion yen