Lippo to shift Reits from Singapore to Indonesia: CEO
[JAKARTA] Indonesian conglomerate Lippo Group plans to shift two real estate investment trusts (Reits) with 35 trillion rupiah (S$3.63 billion) in assets from Singapore to Indonesia in order to benefit from tax breaks offered by Jakarta, its chief executive said.
Indonesia's government last week announced incentives aimed at getting companies to create Reits by removing double taxation that may apply to such businesses.
"Because of the government policy, we think that Indonesia has very good potential for Reits," Lippo Group CEO James Riady told reporters on Wednesday. It aims to boost the asset value of the Reits to more than 100 trillion rupiah in three to four years, he added.
The property-to-retail group's two Singapore-listed Reits are Lippo Malls Indonesia Retail Trust and First Real Estate Investment Trust.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Delfi Orchard up for collective sale at S$438 million guide price
US existing home sales drop in March; median price increases
German home building permits tumble 18% in February, extending rout
China national who had Singaporeans front plan to buy East Coast houses pleads guilty
Freddie Mac seeks regulatory approval to back home-equity loans
China national fined S$45,000 for having Singaporeans front plan to buy East Coast houses