New City Residence Investment Corp.’s creditors will vote on Lone Star Funds’ revised plan to buy Japan’s first failed property trust at a meeting scheduled to begin this afternoon local time at Tokyo district court.

Approval of Lone Star’s proposal would clear the way for its plan to pay about 12.4 billion yen ($134m) to take the real estate investment trust private and relist it within five years. A rejection may open the way for Japan developer Daiwa House Industry Co. to make a rival bid.