The laws on foreign ownership of freehold land can get very complex.
Have a look at the Japanese in Queensland on the Gold Coast & many of the vineyards in NZ that have sprung up
with foreign ownership. Shania Twain at Cromwell in NZ I think it was had to sell 2 vineyards
due to new laws on ownership.
The Chinese would just buy up, giving Thailand a one off foreign earnings bonanza but in the long term would takeover.
Only got to look at many places in Cambodia.
Laos is slightly different as the non elected Govt basically can reclaim any land they want, whenever they want.
Strata title % of condos foreign owned has the same problem.
Once China owned more than 50% of the area they can basically control the development,, also
fraught with danger