Japan property stocks slide on Urban collapse

TOKYO: Investors dumped stocks in Japanese property and builders yesterday after developer Urban Corp failed in the biggest collapse by a listed Japanese company in six years, which fanned fears others might follow.

Urban, which failed with debts of US$2.4bil, was the latest in a string of Japanese real estate firms to fold as banks rein in lending to small and medium-sized developers seen at risk as the world’s No. 2 economy flirts with recession.