Azel Corp. said it has decided to file for bankruptcy protection with debts totaling 44.2 billion yen.
The Tokyo-based mid-sized condominium developer has had increasing difficulty meeting its funding needs as well as clearing inventories.
We have seen dozens of condominium developers and real estate fund operators file for bankruptcy since late last year.
However, thsi year we have heard that Middle Eastern and other Asian investors are showing interest in buying real estate owned by these bankrupt companies.
March 31, 2009
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