...Fitch expects 2015 presales to decline relative to 2014, due to challenging macroeconomic conditions and developers' focus on downsizing ticket sizes Average price growth for Indonesian properties has declined steadily for the past eight quarters, and is likely to continue until end-2015 Developers' leverage has worsened, due to slower cash collections and inflated US dollar debt as the Indonesian rupiah weakened NPLs for property loans have risen as weak macroeconomic conditions prompt greater caution among sellers in both the primary and secondary market Fitch expects companies to scale back on land acquisitions as working- capital pressure builds up The developers' credit metrics are worsening: leverage rose to 35.5% in 9M15, from -3% in end-2012, and EBITDA interest cover fell to 5.6x, from 11.7x Sales turnover (presales/debt) also declined to 60% in 3Q15 (annualised), from 118% in 2013, as demand failed to pick up and also because of the increase in the value of US dollar debt in local-currency...
