Finance firm for housing

JAKARTA (JP): The Indonesian real estate association plans to establish a multi-finance company to develop housing estates with Bank Papan Sejahtera and Bank Bukopin, according to the association's chairman.

Edwin Kawilarang said an agreement to set up the finance company would be signed at the association's national meeting in Jakarta next month.

Kawilarang was quoted yesterday by Antara news agency as saying the company would offer housing loans and loans to housing estate developers.

He urged the association's 1,200 member companies to buy shares in the new company.

Kawilarang said the national three-day meeting, to be opened by State Minister of Public Housing Akbar Tandjung on Nov. 10, would focus on the association's role in wealth distribution through housing development. (02)