After the Storm
Monday, May 21, 2018
Some conglomerates managed to weather the 1997 economic storm. They rose up again with good strategies to make the best of the narrow window of market opportunities.
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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
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