Another big Queensland property group has collapsed, taking with it Aus$1bn worth of planned residential and tourism development in the state's north.

The privately owned Resort Corp owes about Aus$300m to its bankers and creditors, HBOS-subsidiary Capital Finance, and Westpac.

The failed group joins a fast-growing list of property companies that have been levelled or brought to their knees in the financial crisis, including MFS (now know as Octaviar), Raptis Group and City Pacific.

The Australian