Jakarta, Aug. 1 -- State investment entity Danantara is preparing to consolidate state-owned enterprises (SOEs) operating in the property sector, aiming to rescue struggling firms and unlock a massive backlog of unsold public housing.

Danantara Chief Operating Officer (COO) Dony Oskaria announced the restructuring plan in Jakarta on Friday (July 31), noting that the agency intends to revamp state property developers through a corporate-driven approach.

"Actually, Danantara Housing means that we want to consolidate all of our property companies. But you all know the situation that all of the property companies are also not in good condition," Dony said in his statement.

He explained that Danantara will address the financial conditions o...