The Jakarta Post, Jakarta | Tue, 06/15/2010 4:51 PM | Business
A | A | A | http://www.thejakartapost.com/news/2010/06/15/ri-allow-foreigners-own-property.html
The government will issue a property regulation which will enable foreigners to possess property in Indonesia as a way to absorb an annual US$6 billion from international investors, an executive says.
Chief of the Indonesian Investment Coordinating Board (BKPM) Gita Wirjawan said Tuesday that the new regulation, scheduled to be issued in the second quarter of this year, would allow foreigners to purchase and possess residential and commercial properties.
“Possibly this month,” he added, as quoted by Antara.
Gita said that the government would also lose some restrictions in foreign investment policy, including ending a ban on foreign ownership property.
Manager of Editorial Oxford Business Group (OBG), Josh Frankan, said that foreign ownership would generate growth in property industry as well as in the country’s earnings.
"This will generate the development of the property industry, which is in line with the government’s plan to open its doors to foreign investors," he added.
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