Usually three things together: a registered Hak Tanggungan over the HGB land title, a pledge over the shares of the PT PMA (the foreign-owned company), and fiduciary security (fidusia) over the company’s movable assets and income. Hak Tanggungan is Indonesia’s registered security right over land. It is created by deed before a land deed official (PPAT), registered with the national land office (BPN), and puts the capital provider ahead of unsecured creditors on the land and buildings. Information only.
What is Hak Tanggungan?
It is Indonesia’s registered security right over land, set up by Law No. 4 of 1996.
It can be granted over Hak Milik (freehold), Hak Guna Bangunan (HGB, the right to build), Hak Guna Usaha (the right to cultivate) and registered Hak Pakai (right of use).
How it works: the owner signs a deed of grant (APHT) before a PPAT (land deed official). The deed is registered at the BPN land office, which issues a Hak Tanggungan certificate. That certificate carries “executorial force” — on default, the secured party can have the property sold at public auction without first bringing a full lawsuit. Information only.
What does a share pledge over a PT PMA mean?
It is a pledge (gadai) over the shares of the company that owns the asset.
It is recorded in the company’s shareholder register and usually needs shareholder approval under the articles of association. It sits alongside the Hak Tanggungan and gives a route to control of the owning company. That matters for leasehold assets, and for keeping the operating business intact. Information only.
What is fiduciary security (fidusia)?
Security over movable assets and income that stay in the owner’s hands, under Law No. 42 of 1999 (jaminan fidusia).
It covers things like furniture, fixtures and equipment, vehicles, and income such as booking receivables (money guests owe for bookings). It is registered online with the Ministry of Law, and like Hak Tanggungan its certificate carries executorial force. Information only.
What other protections are common?
- A corporate or personal guarantee from the sponsor (the owner behind the project).
- An assignment of receivables, and control over the project bank account.
- An assignment of insurance proceeds.
- A completion undertaking and cost-overrun support from the owners.
- Subordination of any shareholder funding — meaning it ranks behind the secured capital.
How Ascendure applies these is set out in how Ascendure works.
Can leasehold land be used as security?
Yes, but not through Hak Tanggungan. A lease (Hak Sewa) is a contract right and cannot carry one.
Instead, security over a leasehold asset is built from three pieces: a conditional assignment of the lease (which needs the landowner’s consent), a pledge over the shares of the company holding the lease, and fidusia over its assets and income. It works, but a capital provider will usually advance less against it than against HGB title. See construction finance for foreigners.
Last reviewed October 2026. General information about the Indonesian market, not legal, tax or financial advice. Take advice from an Indonesian notary and legal counsel on any specific structure.
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