Jakarta (ANTARA News) - The government will issue a property regulation which will enable foreigners to possess property in Indonesia so that property business in the country would thrive and absorb a fund of US$6 billion annually, an executive said.

Manager of Editorial Oxford Business Group (OBG), Josh Frankan told a press conference here on Tuesday that the chance for foreigners to have property ownership in Indonesia would generate the growth of this sector and the country`s income.

"This will generate development of property industry in line with the government`s readiness to open its door for foreign investors," he said.

Chief of the Indonesian Investment Coordinating Board (BKPM) Gita Wirjawan has in this case said that the Indonesian government would slacken restrictions of foreign investments in certain industries in an efforts to end the ban on foreign ownership of property.

The new regulation which will allow foreigners to purchase and possess property, both residential and commercial, will be issue in the second quarter of 2010.
"Possible this June," he said.

In the meantime, president director of Puramount Serpong Tanto Kurniawan said that the market would open itself to foreigners and this would constitute a recovery time for this industry.
(T.A014/O001/P003)

Editor: Priyambodo RH

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