Friday October 10, 02:01 AM
Japan Hot Stocks-New City Residence awash with sell orders
TOKYO, Oct 10 (Reuters) - The benchmark Nikkei (news) average <.N225> fell 4.5 percent and the broader TOPIX lost 4.6 percent as of 0014 GMT on Friday.
The following stock was on the move:
**NEW CITY RESIDENCE AWASH WITH SELL ORDERS**
Shares of New City Residence Investment were untraded due to a glut of sell orders at 68,500 yen, down 3.5 percent from Thursday's close, after it said it had filed for court protection from creditors with $1.1 billion in debt, the first Japanese real estate investment trust (REIT) to fail as fallout from the credit crunch spreads.
New City Residence, which owns apartment buildings in Ginza, Harajuku and other posh areas of Tokyo, said in a statement that it was having difficulty raising money to repay its debts and finance the purchase of new assets to sustain growth. 0013 GMT
(For IPO news, data and diary, click, for stocks click)
(Reporting by Taiga Uranaka)
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