The Chairman of the Bali Chapter of the Indonesian Chamber of Commerce (KADIN, has predicted that the real estate business in Bali will collapse before then end of 2008. This dire prophesy was made to beritabali.com by Gede Wiratha who said that the current global financial crisis and lack of credit facilities threatens the funding of villa and apartment projects in Bali.
Saying that the development of the property sector in Bali is very dependent on funding from financial institutions, Wiratha posed the question: "The Banks themselves are in difficulties, how can they possibly extend credit?"
Wiratha, who owns various tourism and entertainment ventures in Bali, told the press that early indications of the coming collapse are already in evidence with a number of American and European hurriedly putting their villas and apartments on the market.
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