128 developers close down

128 developers close down

SEMARANG: All 128 small-scale developers, members of the 160
Real Estate Indonesian Association in Central Java, have gone out
of business after failing to secure bank loans for their
construction activities.

According to Senopati, commissioner of PT Tanah Mas Group,
banks have stopped providing construction credit since mid-1997,

Facing a gloomy market and losing revenue, the companies have
had to lay off thousands of workers, he said here Saturday,
Antara reported.

He said that under such adverse circumstances, Bank Indonesia,
the central bank, should provide construction credit for the
developers. (swe)