autotldr t1_iyc26il wrote
This is the best tl;dr I could make, original reduced by 80%. (I'm a bot)
> The development rights to an entire Indonesian archipelago with more than 100 tropical islands is set to be auctioned next week, sparking concerns for the environmental impact on what Sotheby's described as "One of the most intact coral atoll ecosystems left on Earth".
> The sale of islands to non-Indonesians is banned under Indonesian law, so buyers will bid for shares in PT Leadership Islands Indonesia, an Indonesian development firm that has licensed the rights to build an eco-resort and luxury residential properties on the reserve.
> The auction has prompted concerns among some conservationists who say the development could cut off local communities and threaten its ecosystems, which feature rainforests, mangroves, lagoons, lakes and coral reefs that are home to vast marine life.
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janggansmarasanta t1_iyc3lnl wrote
"licensed right to build" & "bid for shares" eh.
Alright so it's HGB then, make sense since foreigners cannot own land in Indonesia and companies can only own HGB and HGU rights.
Not really appealing from legal perspective.
Also environmental licenses/izin lingkungan procedures are still required so I don't really understand the environmental concern. With a project this scale a mandatory environmental assessment will probably be required.
giggleandsnort t1_iycapnj wrote
You are correct in your statement that you “don’t understand the concern”.
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