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JAKARTA - Indonesia plans to allow foreigners to own property in the country and has completed its review of investment rules under the so-called negative list, said the country's investment coordination agency. The country will deregulate its property industry by the end of the first half year of 2010, paving the way for foreigners to buy homes and commercial real estate directly.
Indonesia has been reviewing a 2007 presidential decree known as the 'negative investment list', which limits overseas ownership in companies. The new rules may include changes in the cap on foreign stakes in some industries, and a provision that companies whose shares are traded on the exchange are excluded from the regulation. A draft of the revised investment rules is with President Susilo Bambang Yudhoyono.
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