Contractor Urban Corp. has given up efforts at court-mandated rehabilitation and is now looking at liquidation, sources said.

The Hiroshima-based company, listed on the first section of the Tokyo Stock Exchange, is considering the drastic step because a group of companies led by Daiwa House Industry Co. scrapped their plan to help in its rehabilitation, the sources said.

The group now believes the real estate business environment will probably not improve for some time amid the economic downturn, the sources said.

Japan Times