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)