TULUS Santoso still vividly remembers the atmosphere following the board meeting of the Ciputra Group in May 1998. The economic crisis that struck Asia in the last two years finally hit hard the groups property business. The projects stalled as the publics purchasing power plummeted, while the companys debts in US dollars to foreign banks soared sharply as the rupiah nosedived.

The group's board members were struck dumb. Ciputra was no less tense