Despite Setbacks, Property Tycoon Alexander Tedja Keeps Building

This story is part of Forbes’ coverage of Indonesia’s Richest 2020. See the full list here.

Property tycoon Alexander Tedja’s net worth dropped 18% to $1.19 billion due to a roughly 21% drop in the stock price of his developer Pakuwon Jati. With demand eroded by the pandemic, the company reported a 42% decline in sales that dragged net profits down 72% in the first nine months of 2020. 

Until the Covid-19 outbreak, Pakuwon Jati enjoyed strong growth, which earned it a spot on the 2020 Best Under A Billion list. Despite recent setbacks, Tedja is still working to build his company’s diversified portfolio that includes hospitals, hotels and offices. Already big in malls, the company has committed 336 billion rupiah ($24 million) this year to building more mixed-use developments.