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Company in focus

How Lippo's field of dreams could become a house of cards

Bribery scandal haunts Indonesia's futuristic Meikarta development and the conglomerate that built it

SHOTARO TANI, Nikkei staff writer | Indonesia

JAKARTA -- The atmosphere inside the sleek Meikarta showroom outside Jakarta was muted. Gone were the crowds of eager buyers who, barely a month ago, had been hoping for a slice of the future city that has been widely touted as the "Shenzhen of Indonesia."

"Yes, there have been some cancellations [of residential units]," one salesperson admitted during a visit to the showroom in November. But, he added, "Sales are still strong and we've been able to meet our targets."

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