国际英语新闻：U.S. major estate developer files for bankruptcy

LOS ANGELES, Feb. 20 (Xinhua) -- John Laing Homes, one of the largest estate developers of the United States, has filed for bankruptcy protection due to the collapse of the housing market, it was reported on Friday.

    The move by the 161-year-old firm, based in Irvine near Los Angeles, highlighted the worsening housing market that has prompted a growing number of developers to file for bankruptcy, the Los Angeles Times said.

    The report quoted company sources as saying that the collapse in demand for new homes knocked the firm back on its heels.

    "The company's performance has been significantly affected by the downturn in the residential construction industry starting in 2006," Chief Restructuring Officer Bradley D. Sharp said in court papers cited by The Times.

    "There has been a sharp fall in both the number of new homes sold in the United States, as well as the prices of new homes sold."

    John Laing had revenue of 948 million dollars on the sale of 1,371 homes in 2007. Revenue dropped to 287 million dollars on the sale of 560 homes through Nov. 30 of last year, according to court documents.