Lippo Group, an Asian investor of
property and banks founded by Indonesian tycoon Mochtar Riady,
is seeking real estate acquisitions in the U.S., encouraged by
signs of recovery in the world’s biggest economy.
“We can consider anything as long as it’s in property,”
Riady, 84, said in an interview with Bloomberg Television at the
World Economic Forum in Dalian, China. “We see the U.S. economy
improving, so that’s where our focus will be.”
Lippo joins the likes of Wang Jianlin, China’s richest man,
in hunting for U.S. property assets. Announced property deals in
the U.S. have totaled $49 billion this year, compared with $27
billion in the same period last year, according to data compiled
by Bloomberg.
The U.S. Federal Reserve is meeting this week and is
expected to taper its monthly bond purchases to $75 billion from
the current $85 billion pace, according to the median estimate
of 34 economists surveyed on Sept. 6 by Bloomberg News. The
Institute for Supply Management’s factory index earlier this
month showed U.S. manufacturing expanded in August at the
fastest pace since June 2011.
Riady said that the rupiah’s decline this year will not
affect its acquisition plans because the overseas deals will be
handled by its Singapore company. OUE Ltd. (OUE), previously known as
Overseas Union Enterprise, is helmed by his son, Stephen.
Rupiah Slump
The expansion in the U.S. comes as the Indonesian rupiah
fell about 16 percent this year, the most among Asia’s
currencies.
The central bank last week unexpectedly raised interest
rates for a second time in two weeks as pressure to shore up the
rupiah outweighed the threat to economic expansion. Bank
Indonesia also lowered its forecast to a range of 5.5 percent to
5.9 percent, from 5.8 percent to 6.2 percent.
The country’s economy is under pressure as foreign
investors withdraw “hot money” and exports slow, Riady said.
“This year’s economy may still dip lower slightly, but next
year it will recover.”
OUE said in August last year it’s seeking deals to almost
double its assets to S$10 billion ($7.9 billion) in as early as
three years. The Singapore company bought the U.S. Bank Tower in
Los Angeles earlier this year for $367.5 million. Riady said the
purchase of California’s tallest building is the start of the
company’s plan to expand in the U.S.
Guilding Factor
Future investments will be about the same size, and he is
looking in California, New York and Miami for possible deals,
declining to elaborate on specific targets.
“The real estate industry will be our guiding factor for
investment,” he said.
Besides OUE, the Riady family’s businesses include Lippo
Ltd. (226), a Hong Kong-listed property and investment firms, and
Indonesian companies such as PT Lippo Karawaci Tbk and PT Siloam
International Hospitals.
Wang, who owns China’s biggest commercial land developer
Dalian Wanda Group, said last week he has hired two investment
banks to buy hotel management companies, mostly in the U.S. His
company, which develops property and shopping malls and runs
department stores, luxury hotels and movie theaters, is
accelerating acquisitions overseas as the real estate market in
China is overheating.
To contact the reporters on this story:
Joyce Koh in Singapore at
jkoh38@bloomberg.net;
Liza Lin in Shanghai at
llin15@bloomberg.net
To contact the editor responsible for this story:
Philip Lagerkranser at
lagerkranser@bloomberg.net
Lippo Group Chairman Mochtar Riady
Tomohiro Ohsumi/Bloomberg
Mochtar Riady, chairman of Lippo Group, attends a session at the World Economic Forum Annual Meeting of the New Champions in Dalian, China on Sept. 12, 2013.
Mochtar Riady, chairman of Lippo Group, attends a session at the World Economic Forum Annual Meeting of the New Champions in Dalian, China on Sept. 12, 2013. Photographer: Tomohiro Ohsumi/Bloomberg
Lippo Group Chairman Mochtar Riady
Tomohiro Ohsumi/Bloomberg
Mochtar Riady, chairman of Lippo Group, said that the rupiah’s decline this year will not affect the company’s acquisition plans because the overseas deals will be handled by its Singapore company. OUE Ltd., previously known as Overseas Union Enterprise, is helmed by his son, Stephen.
Mochtar Riady, chairman of Lippo Group, said that the rupiah’s decline this year will not affect the company’s acquisition plans because the overseas deals will be handled by its Singapore company. OUE Ltd., previously known as Overseas Union Enterprise, is helmed by his son, Stephen. Photographer: Tomohiro Ohsumi/Bloomberg
Lippo Seeks U.S. Property Assets on Signs of Economic Recovery
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