FRANKFURT, Nov 27 Reuters Austrian property group Signa could see more of its units file for insolvency as soon as this week as the real estate empire is running out of cash, people with direct knowledge of the matter said on Monday.

The group, controlled by an Austrian magnate but whose business is anchored in Germany, held talks with Elliott Investment Management to try to raise funds, according to one of the people, describing the company39;s scramble for cash.

Signa did not immediately respond to a request for comment. Elliott declined to comment.

Signa, which is an owner of New York39;s Chrysler Building as well as scores of highprofile projects and department stores across Germany, Austria and Switzerland, is controlled by Austrian magnate Rene Benko.

Its difficulties make the group the biggest potential casualty of a European property crash, triggered by the steepest rise in borrowing costs in the euro39;s 25year history, that has hit Germany and Sweden hardest.

On Friday, Signa Real Estate Management filed for insolvency in a local court in Berlin, according to a court filing.

That signaled a worsening of conditions for the group, which, according to another person with knowledge of the matter was seeking to secure fresh financing to see it through until year end.

The group, which values its assets at 27 billion euros 29 billion, is made up of numerous subsidiaries.

It has borrowed heavily from banks, including Switzerland39;s Julius Baer, which disclosed…