Real estate

Rocked by scandal: Indonesia’s Riadys show their survival skills

The Riadys are rebuilding Lippo Karawaci and selling assets. The tight-knit dynasty might just pull-off one of the most remarkable corporate turnarounds in Asia.
Meikarta under construction
Meikarta under construction

Henry Riady strides across a construction site in the outskirts of Jakarta, trailed by executives scurrying to keep up. He passes between half-finished tower blocks, snaps at a construction worker to put out his cigarette and shakes hands with shopkeepers. The scion of one of Indonesia’s richest families inspects a 42sqm flat for sale at $28,000 to one of the country’s rapidly expanding urban middle class.

Henry’s hands-on approach illustrates how seriously the Riady family is taking the threat to their reputation if they fail to complete the $19.5 billion residential development called Meikarta.

However, even for one of the most powerful families in Indonesia, hitting...

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