Takamatsu, Japan (ANTARA News/Asia Pulse) - Major Japanese condominium developer Anabuki Construction Inc. said Tuesday that it has been granted court protection from creditors under the Japan Corporate Rehabilitation Law.

With the total liability between Anabuki and two group firms reaching 150.9 billion yen (US$1.7 billion), this is the fifth biggest bankruptcy this year, according to Tokyo Shoko Research.

In the real estate industry, it is the third largest failure after Japan General Estate Co. and Joint Corp. Anabuki's own liabilities stand at 140.3 billion yen.

With sales reaching 5,037 units, Anabuki ranked No. 1 in 2007 domestic condominium sales, according to the Real Estate Economic Institute. But the market slump that followed the global financial crisis pushed the company into dire straits.

Source:
Business in Asia Today - Nov 25, 2009
published by <a href="http://www.asiapulse.com">Asia Pulse</a>