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Economy

Indonesian developers count on tax amnesty boost

A prospective buyer listens to a PP Property marketing pitch at an office in suburban Jakarta. (Photo by Ardi Wirdana)

JAKARTA -- The bangs and screeches of heavy equipment are relentless as construction workers buzz around outside the building, eager to get their jobs done on time. Inside, it is a different story as marketing staff chat quietly at a receptionist desk, idly waiting for customers to enter.

The subdued atmosphere at the Ciputra Development marketing office in Jakarta is indicative of the depressed state of the local property sector. But the impressive project models in the spacious showroom reflect the industry's hopes that an inflow of funds from wealthy Indonesians repatriating savings from abroad under a temporary tax amnesty will fuel a revival.

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