Foreign Ownership Prior to renovation FIABCI World Congress

Foreign ownership in the property in Indonesia must be completed before the World Congress of the International Federation of Real Estate in Bali in May 2010. This problem is resolved to urge Indonesia property industry more attractive.

Thus disclosed Minister of Housing Soeharso Monoarfa, Chairman of the Board of Real Estate Indonesia Teguh Satria, Vice Chairman of the Chamber of Commerce Property Division James T Riady, Tuesday (12/1/10).

Minister for Public Housing Soeharso Monoarfa asserted, the issue of foreign ownership is still being discussed, and certainly much better end soon. Meanwhile, DPP Chairman REI Teguh Satria Center foreigners wishing rule Indonesia may have the property can be launched before the FIABCI congress in Bali.

Currently the property business in Indonesia less competitive than in Asian countries such as Singapore, Malaysia, Thailand, China, UAE. "The right of land in Malaysia and Singapore can reach 99 years, even up to 999 years," he said. In Malaysia, there are programs "my second home", in Thailand there are programs "long stay", while in the Philippines there is the program "retired" are all invited foreigners to own property there. "Only the left Indonesia since the rules do not support the property industry," said Teguh.

James Riady: 80 Years Together
Meanwhile, Vice Chairman of the Chamber of Commerce Property Division argues James T Riady, the government should solve the three issues before the FIABCI World Congress held in Bali.

"First, the Chamber of Commerce requested the right of every citizen has a residence or home respected. Bagiamana major asset to residents of high-value and can be used as working capital. Because it can Hak Guna Bangunan and 80 years. We're always extended. Just imagine if every citizen of assets have value and can be mortgaged to trade, "said Riady is also CEO of Lippo Group.

Second, said James Riady, foreign ownership was allowed until 70-80 years. "In Singapore could even 99 years, even 999 years. We give way to a foreign party to participate in building Indonesia. And this country has done well as other Asian countries, including China and the UAE," he said. In essence, he says, do not be too restrictive foreign, but give incentives. Suppose the examination at the airport do not need convoluted. "Stranger's carrying a big domino effect. They had a maid, chauffeur, doctor and others," he said.

Third, the term for both strata title offices and apartments, and the right of use, put together into the term right of use. "If these three things can be done by the government before the FIABCI Congress held in May, the property industry in Indonesia will move. All this time the property industry in Indonesia has not moved, but in many countries, the property industry is moving," he says, adding, this could achieved without having to wait for legislation so.

Lippo Group CEO says foreign ownership of property in Indonesia should be limited, over 100,000 U.S. dollars or approximately USD 1 billion, referring to the upscale apartment prices in Jakarta between 10 million and 20 million U.S. dollars. This policy will boost the development of new infrastructure and, most importantly, the property industry will become more compelling.