World's next debt disaster seen brewing in Indonesia's builder binge

The struggles are already reminding some analysts and investors of the high-profile debt debacles in China and South Korea last year, which were centered on the nations' developers

The Trans-Java toll road, a 1,167-kilometer (725 mile) expressway snaking across Indonesia’s main island, is meant to be part of President Joko Widodo’s legacy-defining infrastructure push that helps bring the country’s economy into the 21st century.
 

Yet for those who follow the nation’s debt markets, the project — and other big ticket investments like it — are also a testament to the dramatic spending spree over the past decade by Indonesia’s largest builders and developers, many of which are now highly levered and face looming maturities.

The country’s top four construction firms — including the toll road’s main builder, state-owned