Cholesteric liquid crystal element

A display element for displaying an image by using cholesteric liquid crystal, manufacturing method thereof, and an electronic paper and an electronic terminal unit using the same, wherein desirable display may be obtained by improving its contrast. The display element is configured to include a pair of substrates, a liquid crystal sealed between the pair of substrates, first electrodes formed on either one of the pair of substrates, second electrodes formed on the other of the pair of substrates, pixel regions defined by placing the first electrodes and the second electrodes facingly in a crosswise manner, a wall structure formed between the pair of substrate at the outside of the pixel regions so as to surround the pixel regions, openings made at portions of the wall structure to allow the liquid crystal to communicate therethrough, and reflectivity-reducing portions formed at the openings to reduce the reflectivity of the liquid crystal at the openings.