Japanese real estate developer C's Create Co filed for bankruptcy Friday as the US mortgage and credit crisis plagued Japan's real estate sector.
The Tokyo-based firm said it had 11.44 billion yen (107.86 million dollars) in liabilities.
C's Create faced increased difficulties in procuring funds because of a global credit squeeze sparked by the US subprime mortgage crisis, the company said.
The failure of C's Create came after the largest bankruptcy in Japan's real estate sector this year. Urban Corp filed for court protection from its creditors in August withÂ
255.83 billion yen in debts.
Japan has had 10 real estate companies listed on the Tokyo Stock Market go bankrupt this year, including C's Create. The credit crisis is not the only problem. They have also been plagued from a downturn in Japan's economy and rising raw-material prices.
The nation's revised construction regulations are also causing difficulties. The government imposed more stringent regulations last year after the construction of residential buildings had failed to meet earthquake codes.
Experts said the difficulties among developers is causing the greatest worries among small and mid-sized regional banks, which provide credit to real estate firms.
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