Japan's public REIT NEW CITY RESIDENCE INVESTMENT(TSE:8965) announced Thursday that it has filed for bankruptcy protection under the Civil Rehabilitaion Law.
The REIT becomes the first bancruptcy public REIT in Japan. The REIT was incorporated in September 2004 by CBRE Investors and some investors. As you know CBRE is the most largest real estate enterprises in the world. I guess the Japanese directors of the REIT is just "staffs" under the foreign investors...
What's happening?
What's going on?
According to their announcement, total liabilities (as of August 31, 2008) are approximately 112.3 billion yen (US$1.13 billion) and the REIT has no prospects of acquisition funds for the payment due by the end of this month in respect of the property scheduled to be acquired or raising of funds for the payment of borrowings coming due during this month.
http://www.ncrinv.co.jp/eng/ir/topwhats/2008-1009-00000.pdf
Jesus said the following.
"Therefore everyone who hears these words of mine and puts them into practice is like a wise man who built his house on the rock. The rain came down, the streams rose, and the winds blew and beat against that house; yet it did not fall, because it had its foundation on the rock.
But everyone who hears these words of mine and does not put them into practice is like a foolish man who built his house on sand. The rain came down, the streams rose, and the winds blew and beat against that house, and it fell with a great crash."
(Matthew 7:24-27)
I must care for my own every activites.
