Dream - President Joko Widodo reminds players in the property sector to remain vigilant even though the construction sector in Indonesia is known to be resilient, tough, and competitive. The President does not want the collapse of giant property companies in China to happen in Indonesia.
The President's message refers to the collapse of a property company in China due to the burden of debt it bears. The company owes up to Rp4,400 trillion.
"The debt exceeds our state budget, the debt is up to Rp4,400 trillion," said the President in his speech at the Opening of the National Congress of the Indonesian Real Estate Association (MUNAS REI) XVII in 2023, in Jakarta, August 9, 2023 quoted from Setkab.go.id.
According to Jokowi, the collapse of the property company in China indicates that not all property sectors can survive. The trigger can be due to the impact of Covid-19 or economic factors.
"Are there any here whose debt is up to.....," said Jokowi without continuing his statement.
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So far, the government sees the contribution of the property sector to the Indonesian economy as very significant. From 2018 to 2022, this business sector contributed Rp2,300-2,800 trillion or 16 percent of Indonesia's GDP. Meanwhile, the level of employment absorption in the REI's economic turnover reached 13-19 million people. "There are so many," he said.
The effects that arise from the property sector are what make many countries try to control economic growth through real estate and property businesses.
It is known that the multiplier effect from the property sector affects 185 other sub-sectors of industries. "No other industry has such a massive effect, only the property, real estate, and construction industries," he said.
In terms of materials, the property sector also involves industries such as cement, bricks, iron, and paint. REI's growth also drives businesses in furniture, interior, electronics, and service sectors.
"From electricians, garbage collectors, gardeners, septic tank cleaners, they can all move."
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