Thailand Is Down...

[Heng]

Haven't seen a real increase in folks coming into our shops for secured loans. Usually when the economy takes a serious dip, or even when things are booming, will see an uptrend both ways. I wouldn't say down, but somewhat stagnant. Thank goodness that interest doesn't sleep.

Check out the night bazaar. Many shops in the night bazaar for rent. Why ? >>>>>no people.

Bor Song >>>>>no people.

Ban Tawai>>>>>no people.

I know of 2 shipping companies that closed last week. One of which was a pretty big company.

A couple of my suppliers that were pretty big are now closed.

Not only are the Foreign tourist down in chiang mai but the thai tourist also. Usually it starts picking up towards the end of May. The Night Bazaar was dead last night.

Also perhaps because the Crown Property Bureau isn't renewing the lease. Who would want to build a business there?

Not sure what or where Bor Song or Ban Tawai is.

We use TRAC and Harper's. I don't think they'll be going out of business anytime soon.

My suppliers are still supplying us as of today. Knock on wood.

Again, that sucks for the night bazaar, doesn't it?

We have business operations that are property related in both construction, sales and rentals, domestic manufacturing with minimal imported input, domestic manufacturing with high imported import, agricultural export with all local input, agricultural import (obviously all foreign input), and of course ground level finance as mentioned, etc. etc. Some are up, some are about the same. Some are down. Still I'd hardly extrapolate those results to make a conclusion about the entire economy. Is that what you're trying to do with your night bazaar example (along the lines of the guy who 'went to several bars that were dead?'

Again, don't get me wrong, I'm not one of those who would stick it out on Krypton in denial. If it came to it, I'd restructure our income/internal cash flow to rely on our foreign based interest and rental revenue should it come to that. It just doesn't seem anywhere close to coming to that though, IMO. Okay, some shops and bars some folks have been to are getting less business... on the other hand my tenants from the low to high don't even show a trend of paying their rent late; same for our debtors. Some are late as usual, some are on time as usual. There doesn't seem to be a trend forming either way.

[wolfmanjack]

Haven't seen a real increase in folks coming into our shops for secured loans. Usually when the economy takes a serious dip, or even when things are booming, will see an uptrend both ways. I wouldn't say down, but somewhat stagnant. Thank goodness that interest doesn't sleep.

Check out the night bazaar. Many shops in the night bazaar for rent. Why ? >>>>>no people.

Bor Song >>>>>no people.

Ban Tawai>>>>>no people.

I know of 2 shipping companies that closed last week. One of which was a pretty big company.

A couple of my suppliers that were pretty big are now closed.

Not only are the Foreign tourist down in chiang mai but the thai tourist also. Usually it starts picking up towards the end of May. The Night Bazaar was dead last night.

Also perhaps because the Crown Property Bureau isn't renewing the lease. Who would want to build a business there?

Not sure what or where Bor Song or Ban Tawai is.

We use TRAC and Harper's. I don't think they'll be going out of business anytime soon.

My suppliers are still supplying us as of today. Knock on wood.

Again, that sucks for the night bazaar, doesn't it?

We have business operations that are property related in both construction, sales and rentals, domestic manufacturing with minimal imported input, domestic manufacturing with high imported import, agricultural export with all local input, agricultural import (obviously all foreign input), and of course ground level finance as mentioned, etc. etc. Some are up, some are about the same. Some are down. Still I'd hardly extrapolate those results to make a conclusion about the entire economy. Is that what you're trying to do with your night bazaar example (along the lines of the guy who 'went to several bars that were dead?'

Again, don't get me wrong, I'm not one of those who would stick it out on Krypton in denial. If it came to it, I'd restructure our income/internal cash flow to rely on our foreign based interest and rental revenue should it come to that. It just doesn't seem anywhere close to coming to that though, IMO. Okay, some shops and bars some folks have been to are getting less business... on the other hand my tenants from the low to high don't even show a trend of paying their rent late; same for our debtors. Some are late as usual, some are on time as usual. There doesn't seem to be a trend forming either way.

I interpreted the original post to be about the number of tourist and expats that are in thailand. Many posters observations are that the number of tourist is down even though the gov keeps quoting higher than last year figures. In my opinion this thread is not about the overall economy.

The night bazaar i am referring to is the one in Chiang Mai, not the one in Bangkok. Bor Song and Ban Tawai are the main day time shopping areas for tourists in Chiang Mai. Since I am living in Chiang Mai and it is/was one of the major tourist destinations in thailand I wanted to add it to the conversation.

Dakhar, Thanks for the advise. I was just trying to further the argument that you can not trust the statistics the thai gov, or the newspapers are throwing about. If there can be such a large discrepancy in labor force statistics quoted (35% to 60% ) then how can we trust any of the other so called data that is presented.

[soundman]

Dakhar, Thanks for the advise. I was just trying to further the argument that you can not trust the statistics the thai gov, or the newspapers are throwing about. If there can be such a large discrepancy in labor force statistics quoted (35% to 60% ) then how can we trust any of the other so called data that is presented.

Quite simple - you can't. Every figure published has an angle to it. Who cares if its correct or not when your job is on the line? Just publish a figure & make up some stats to support it with the onus of those stats falling to another department, irrespective of whether its the truth or not.

Soundman.

[wolfmanjack]

Dakhar, Thanks for the advise. I was just trying to further the argument that you can not trust the statistics the thai gov, or the newspapers are throwing about. If there can be such a large discrepancy in labor force statistics quoted (35% to 60% ) then how can we trust any of the other so called data that is presented.

Quite simple - you can't. Every figure published has an angle to it. Who cares if its correct or not when your job is on the line? Just publish a figure & make up some stats to support it with the onus of those stats falling to another department, irrespective of whether its the truth or not.

Soundman.

My point exactly. Glad someone agrees.

[highdiver]

Dakhar, Thanks for the advise. I was just trying to further the argument that you can not trust the statistics the thai gov, or the newspapers are throwing about. If there can be such a large discrepancy in labor force statistics quoted (35% to 60% ) then how can we trust any of the other so called data that is presented.

Quite simple - you can't. Every figure published has an angle to it. Who cares if its correct or not when your job is on the line? Just publish a figure & make up some stats to support it with the onus of those stats falling to another department, irrespective of whether its the truth or not.

Soundman.

My point exactly. Glad someone agrees.

I agree with you as well on this fact. however with out going into sspecific percent you can agree that a higher percent of thailand labour force is agricultural.

[Heng]

Haven't seen a real increase in folks coming into our shops for secured loans. Usually when the economy takes a serious dip, or even when things are booming, will see an uptrend both ways. I wouldn't say down, but somewhat stagnant. Thank goodness that interest doesn't sleep.

Check out the night bazaar. Many shops in the night bazaar for rent. Why ? >>>>>no people.

Bor Song >>>>>no people.

Ban Tawai>>>>>no people.

I know of 2 shipping companies that closed last week. One of which was a pretty big company.

A couple of my suppliers that were pretty big are now closed.

Not only are the Foreign tourist down in chiang mai but the thai tourist also. Usually it starts picking up towards the end of May. The Night Bazaar was dead last night.

Also perhaps because the Crown Property Bureau isn't renewing the lease. Who would want to build a business there?

Not sure what or where Bor Song or Ban Tawai is.

We use TRAC and Harper's. I don't think they'll be going out of business anytime soon.

My suppliers are still supplying us as of today. Knock on wood.

Again, that sucks for the night bazaar, doesn't it?

We have business operations that are property related in both construction, sales and rentals, domestic manufacturing with minimal imported input, domestic manufacturing with high imported import, agricultural export with all local input, agricultural import (obviously all foreign input), and of course ground level finance as mentioned, etc. etc. Some are up, some are about the same. Some are down. Still I'd hardly extrapolate those results to make a conclusion about the entire economy. Is that what you're trying to do with your night bazaar example (along the lines of the guy who 'went to several bars that were dead?'

Again, don't get me wrong, I'm not one of those who would stick it out on Krypton in denial. If it came to it, I'd restructure our income/internal cash flow to rely on our foreign based interest and rental revenue should it come to that. It just doesn't seem anywhere close to coming to that though, IMO. Okay, some shops and bars some folks have been to are getting less business... on the other hand my tenants from the low to high don't even show a trend of paying their rent late; same for our debtors. Some are late as usual, some are on time as usual. There doesn't seem to be a trend forming either way.

I interpreted the original post to be about the number of tourist and expats that are in thailand. Many posters observations are that the number of tourist is down even though the gov keeps quoting higher than last year figures. In my opinion this thread is not about the overall economy.

The night bazaar i am referring to is the one in Chiang Mai, not the one in Bangkok. Bor Song and Ban Tawai are the main day time shopping areas for tourists in Chiang Mai. Since I am living in Chiang Mai and it is/was one of the major tourist destinations in thailand I wanted to add it to the conversation.

Ah yes, thanks for the clarification. I agree this thread is not about the overall economy... although there are a few folks on the thread who are indeed trying to generalize about the overall economy based on limited observations.

[LaoPo]

Ah yes, thanks for the clarification. I agree this thread is not about the overall economy... although there are a few folks on the thread who are indeed trying to generalize about the overall economy based on limited observations.

That's correct Heng.

However, we all have limited observations, whereever we are, whatever we do.

Apart from that, the -economical- messages/statistics about the overall economy, sent out by the government, aren't always that reliable so there's isn't much else we can rely on apart from our own observations and signals from around us...

Only time will tell what's up for the rest of 2007 and 2008. Let's hope there will some peace and that the unrest will slow down...soon.

LaoPo

[wolfmanjack]

Dakhar, Thanks for the advise. I was just trying to further the argument that you can not trust the statistics the thai gov, or the newspapers are throwing about. If there can be such a large discrepancy in labor force statistics quoted (35% to 60% ) then how can we trust any of the other so called data that is presented.

Quite simple - you can't. Every figure published has an angle to it. Who cares if its correct or not when your job is on the line? Just publish a figure & make up some stats to support it with the onus of those stats falling to another department, irrespective of whether its the truth or not.

Soundman.

My point exactly. Glad someone agrees.

I agree with you as well on this fact. however with out going into sspecific percent you can agree that a higher percent of thailand labour force is agricultural.

Yes I agree that a large percentage of the workers are in the ag sector. Most of my workers take off during the rice planting and rice harvesting period even though they could hire people to take their place for less than what I pay them. It seems like the main reason they work for me is for something to do while they are waiting for the rice.

[Heng]

Ah yes, thanks for the clarification. I agree this thread is not about the overall economy... although there are a few folks on the thread who are indeed trying to generalize about the overall economy based on limited observations.

That's correct Heng.

However, we all have limited observations, whereever we are, whatever we do.

Apart from that, the -economical- messages/statistics about the overall economy, sent out by the government, aren't always that reliable so there's isn't much else we can rely on apart from our own observations and signals from around us...

Only time will tell what's up for the rest of 2007 and 2008. Let's hope there will some peace and that the unrest will slow down...soon.

LaoPo

Of course, LP, and I have never said otherwise. And again, the theme and title of the thread is "Thailand is down..." when it might have been more appropriately titled "Rainbow 2 gogo bar a ghost town on Tuesday night, ...the end is near."

[soundman]

Of course, LP, and I have never said otherwise. And again, the theme and title of the thread is "Thailand is down..." when it might have been more appropriately titled "Rainbow 2 gogo bar a ghost town on Tuesday night, ...the end is near."

Always need a laugh in the morning!!

Thanx,

Soundman.

[jasreeve17]

Ah yes, thanks for the clarification. I agree this thread is not about the overall economy... although there are a few folks on the thread who are indeed trying to generalize about the overall economy based on limited observations.

That's correct Heng.

However, we all have limited observations, whereever we are, whatever we do.

Apart from that, the -economical- messages/statistics about the overall economy, sent out by the government, aren't always that reliable so there's isn't much else we can rely on apart from our own observations and signals from around us...

Only time will tell what's up for the rest of 2007 and 2008. Let's hope there will some peace and that the unrest will slow down...soon.

LaoPo

Of course, LP, and I have never said otherwise. And again, the theme and title of the thread is "Thailand is down..." when it might have been more appropriately titled "Rainbow 2 gogo bar a ghost town on Tuesday night, ...the end is near."

Bad Heng. Rude Heng. Superialistic Heng. Again. (Some might say pathetic and ignorant Heng, but I wouldn't.)

I've recently purchased a couple of condos. Not wanting to spend the kind of money that Heng kicks out to his gardener as an Xmas tip, I got repossed properties. The quantity of available properties is huge (I've listed a sight or two below). In the process I spent ample time talking to the banks who said:-

- they are soooo busy it is hard to keep up (because of so many new repossesions).

- They are having to cut prices on these properties and sell them at under the land office valuations, which are already notoriously low, because they can't otherwise sell them.

(Indeed one of my apartments, which was already valued at less than the land office guide, was further reduced by 15% in a "grand sale", with transfer charges paid by the bank. The properties are in a Pinklao, so they are a good representation of normal Bangkok life.)

http://www.led.go.th/default.asp

http://www.npashowroom.ktb.co.th/WebShowRo...let?propID=7769

Lots of non-payers having their properties repossesed, but not many buyers purchasing these bargins. That is a clear sign of economic problems. (Endless new condos being financed and built will cause a real problem...)

Of course these properties are around the million baht region so that only means that 99% of the population are struggling. People like Heng and Thai Goon won't be affected. Instead they will benefit from the misery that their ilk has caused the mass population.

Thailand is not exploding, but it is experiencing a serious economic downturn. To say otherwise in the face of endless evidence is ridiculous.

Who to believe? Heng or the big Thai banks repossion and property sales departments?

[LaoPo]

Ah yes, thanks for the clarification. I agree this thread is not about the overall economy... although there are a few folks on the thread who are indeed trying to generalize about the overall economy based on limited observations.

That's correct Heng.

However, we all have limited observations, whereever we are, whatever we do.

Apart from that, the -economical- messages/statistics about the overall economy, sent out by the government, aren't always that reliable so there's isn't much else we can rely on apart from our own observations and signals from around us...

Only time will tell what's up for the rest of 2007 and 2008. Let's hope there will some peace and that the unrest will slow down...soon.

LaoPo

Of course, LP, and I have never said otherwise. And again, the theme and title of the thread is "Thailand is down..." when it might have been more appropriately titled "Rainbow 2 gogo bar a ghost town on Tuesday night, ...the end is near."

Bad Heng. Rude Heng. Superialistic Heng. Again. (Some might say pathetic and ignorant Heng, but I wouldn't.)

I've recently purchased a couple of condos. Not wanting to spend the kind of money that Heng kicks out to his gardener as an Xmas tip, I got repossed properties. The quantity of available properties is huge (I've listed a sight or two below). In the process I spent ample time talking to the banks who said:-

- they are soooo busy it is hard to keep up (because of so many new repossesions).

- They are having to cut prices on these properties and sell them at under the land office valuations, which are already notoriously low, because they can't otherwise sell them.

(Indeed one of my apartments, which was already valued at less than the land office guide, was further reduced by 15% in a "grand sale", with transfer charges paid by the bank. The properties are in a Pinklao, so they are a good representation of normal Bangkok life.)

http://www.led.go.th/default.asp

http://www.npashowroom.ktb.co.th/WebShowRo...let?propID=7769

Lots of non-payers having their properties repossesed, but not many buyers purchasing these bargins. That is a clear sign of economic problems. (Endless new condos being financed and built will cause a real problem...)

Of course these properties are around the million baht region so that only means that 99% of the population are struggling. People like Heng and Thai Goon won't be affected. Instead they will benefit from the misery that their ilk has caused the mass population.

Thailand is not exploding, but it is experiencing a serious economic downturn. To say otherwise in the face of endless evidence is ridiculous.

Who to believe? Heng or the big Thai banks repossion and property sales departments?

Interesting but worrying post Jasreeve17.

It looks a bit like the present situation in the US & Spain and the UK to come.

All in all signs that the real economic situation in Thailand is not improving, on the contrary I fear.

Who to believe ?........facts!

LaoPo

[bkkandrew]

Who to believe? Heng or the big Thai banks repossion and property sales departments?

Tough one, been struggling for half an hour, but I am going to go with the latter...

[Heng]

Ah yes, thanks for the clarification. I agree this thread is not about the overall economy... although there are a few folks on the thread who are indeed trying to generalize about the overall economy based on limited observations.

That's correct Heng.

However, we all have limited observations, whereever we are, whatever we do.

Apart from that, the -economical- messages/statistics about the overall economy, sent out by the government, aren't always that reliable so there's isn't much else we can rely on apart from our own observations and signals from around us...

Only time will tell what's up for the rest of 2007 and 2008. Let's hope there will some peace and that the unrest will slow down...soon.

LaoPo

Of course, LP, and I have never said otherwise. And again, the theme and title of the thread is "Thailand is down..." when it might have been more appropriately titled "Rainbow 2 gogo bar a ghost town on Tuesday night, ...the end is near."

Bad Heng. Rude Heng. Superialistic Heng. Again. (Some might say pathetic and ignorant Heng, but I wouldn't.)

I've recently purchased a couple of condos. Not wanting to spend the kind of money that Heng kicks out to his gardener as an Xmas tip, I got repossed properties. The quantity of available properties is huge (I've listed a sight or two below). In the process I spent ample time talking to the banks who said:-

- they are soooo busy it is hard to keep up (because of so many new repossesions).

- They are having to cut prices on these properties and sell them at under the land office valuations, which are already notoriously low, because they can't otherwise sell them.

(Indeed one of my apartments, which was already valued at less than the land office guide, was further reduced by 15% in a "grand sale", with transfer charges paid by the bank. The properties are in a Pinklao, so they are a good representation of normal Bangkok life.)

http://www.led.go.th/default.asp

http://www.npashowroom.ktb.co.th/WebShowRo...let?propID=7769

Lots of non-payers having their properties repossesed, but not many buyers purchasing these bargins. That is a clear sign of economic problems. (Endless new condos being financed and built will cause a real problem...)

Of course these properties are around the million baht region so that only means that 99% of the population are struggling. People like Heng and Thai Goon won't be affected. Instead they will benefit from the misery that their ilk has caused the mass population.

Thailand is not exploding, but it is experiencing a serious economic downturn. To say otherwise in the face of endless evidence is ridiculous.

Who to believe? Heng or the big Thai banks repossion and property sales departments?

It took you almost 2 months to come up with that?

And yeah, that's where everyone with funds buy a good portion of their property portfolios no matter what the state of the economy ...and you should note that I am not with ThaiGoon in saying that all is well with the economy. I simply stated from my own slice of life view: that there doesn't appear to be an increase (and still there isn't... two months not into the "future") in those applying for bridge loans nor an increase in folks paying their rent late.

[LaoPo]

Ah yes, thanks for the clarification. I agree this thread is not about the overall economy... although there are a few folks on the thread who are indeed trying to generalize about the overall economy based on limited observations.

That's correct Heng.

However, we all have limited observations, whereever we are, whatever we do.

Apart from that, the -economical- messages/statistics about the overall economy, sent out by the government, aren't always that reliable so there's isn't much else we can rely on apart from our own observations and signals from around us...

Only time will tell what's up for the rest of 2007 and 2008. Let's hope there will some peace and that the unrest will slow down...soon.

LaoPo

Of course, LP, and I have never said otherwise. And again, the theme and title of the thread is "Thailand is down..." when it might have been more appropriately titled "Rainbow 2 gogo bar a ghost town on Tuesday night, ...the end is near."

Bad Heng. Rude Heng. Superialistic Heng. Again. (Some might say pathetic and ignorant Heng, but I wouldn't.)

I've recently purchased a couple of condos. Not wanting to spend the kind of money that Heng kicks out to his gardener as an Xmas tip, I got repossed properties. The quantity of available properties is huge (I've listed a sight or two below). In the process I spent ample time talking to the banks who said:-

- they are soooo busy it is hard to keep up (because of so many new repossesions).

- They are having to cut prices on these properties and sell them at under the land office valuations, which are already notoriously low, because they can't otherwise sell them.

(Indeed one of my apartments, which was already valued at less than the land office guide, was further reduced by 15% in a "grand sale", with transfer charges paid by the bank. The properties are in a Pinklao, so they are a good representation of normal Bangkok life.)

http://www.led.go.th/default.asp

http://www.npashowroom.ktb.co.th/WebShowRo...let?propID=7769

Lots of non-payers having their properties repossesed, but not many buyers purchasing these bargins. That is a clear sign of economic problems. (Endless new condos being financed and built will cause a real problem...)

Of course these properties are around the million baht region so that only means that 99% of the population are struggling. People like Heng and Thai Goon won't be affected. Instead they will benefit from the misery that their ilk has caused the mass population.

Thailand is not exploding, but it is experiencing a serious economic downturn. To say otherwise in the face of endless evidence is ridiculous.

Who to believe? Heng or the big Thai banks repossion and property sales departments?

It took you almost 2 months to come up with that?

And yeah, that's where everyone with funds buy a good portion of their property portfolios no matter what the state of the economy ...and you should note that I am not with ThaiGoon in saying that all is well with the economy. I simply stated from my own slice of life view: that there doesn't appear to be an increase (and still there isn't... two months not into the "future") in those applying for bridge loans nor an increase in folks paying their rent late.

That's exactly what we discussed before when I wrote: "However, we all have limited observations, where ever we are, whatever we do."

But, I'm sure a lot of members would like to hear your view on Thai economics for 2007 and onwards, related to the 'nervous' world situation, financially and economically spoken.

Will Thailand go down or up ?

Don't hold back

LaoPo

[jasreeve17]

Ah yes, thanks for the clarification. I agree this thread is not about the overall economy... although there are a few folks on the thread who are indeed trying to generalize about the overall economy based on limited observations.

That's correct Heng.

However, we all have limited observations, whereever we are, whatever we do.

Apart from that, the -economical- messages/statistics about the overall economy, sent out by the government, aren't always that reliable so there's isn't much else we can rely on apart from our own observations and signals from around us...

Only time will tell what's up for the rest of 2007 and 2008. Let's hope there will some peace and that the unrest will slow down...soon.

LaoPo

Of course, LP, and I have never said otherwise. And again, the theme and title of the thread is "Thailand is down..." when it might have been more appropriately titled "Rainbow 2 gogo bar a ghost town on Tuesday night, ...the end is near."

Bad Heng. Rude Heng. Superialistic Heng. Again. (Some might say pathetic and ignorant Heng, but I wouldn't.)

I've recently purchased a couple of condos. Not wanting to spend the kind of money that Heng kicks out to his gardener as an Xmas tip, I got repossed properties. The quantity of available properties is huge (I've listed a sight or two below). In the process I spent ample time talking to the banks who said:-

- they are soooo busy it is hard to keep up (because of so many new repossesions).

- They are having to cut prices on these properties and sell them at under the land office valuations, which are already notoriously low, because they can't otherwise sell them.

(Indeed one of my apartments, which was already valued at less than the land office guide, was further reduced by 15% in a "grand sale", with transfer charges paid by the bank. The properties are in a Pinklao, so they are a good representation of normal Bangkok life.)

http://www.led.go.th/default.asp

http://www.npashowroom.ktb.co.th/WebShowRo...let?propID=7769

Lots of non-payers having their properties repossesed, but not many buyers purchasing these bargins. That is a clear sign of economic problems. (Endless new condos being financed and built will cause a real problem...)

Of course these properties are around the million baht region so that only means that 99% of the population are struggling. People like Heng and Thai Goon won't be affected. Instead they will benefit from the misery that their ilk has caused the mass population.

Thailand is not exploding, but it is experiencing a serious economic downturn. To say otherwise in the face of endless evidence is ridiculous.

Who to believe? Heng or the big Thai banks repossion and property sales departments?

It took you almost 2 months to come up with that?

And yeah, that's where everyone with funds buy a good portion of their property portfolios no matter what the state of the economy ...and you should note that I am not with ThaiGoon in saying that all is well with the economy. I simply stated from my own slice of life view: that there doesn't appear to be an increase (and still there isn't... two months not into the "future") in those applying for bridge loans nor an increase in folks paying their rent late.

It was worth the wait though, wasn't it?

OK, one more example, just for you.

The missus and her family have land in Nakon Nayok (I know, peasants) and they always get easy loans at 1% interest from the local bank (Sounds like "sa gone"?). They've done it for years when they want to do up the house, or plant a new crop, etc. To their great surprise when they asked last week, the bank has stopped loaning out easy money. The are excellent repayers with no credit risk (the bank holds onto the land deeds) but still the bank has become much tighter with these loans. Why? Economic changes perhaps?

Also, is it normal for these repo banks to be generously cutting prices below the land office valuations? I would think that that would not be so in a bouyant marketplace (banks want to make money, just like you).

I know that you have plenty more about you than Thai goon, but you still seem to be in an elite position with a very nice view. I don't believe that the average Thai (more important than you or I in the greater scale of things.) is in anything other than a very difficult position which is getting worse. No doubt you'll benefit from their misery.

[Heng]

Bad Heng. Rude Heng. Superialistic Heng. Again.

Of course these properties are around the million baht region so that only means that 99% of the population are struggling. People like Heng and Thai Goon won't be affected. Instead they will benefit from the misery that their ilk has caused the mass population.

---

It was worth the wait though, wasn't it?

OK, one more example, just for you.

The missus and her family have land in Nakon Nayok (I know, peasants) and they always get easy loans at 1% interest from the local bank (Sounds like "sa gone"?). They've done it for years when they want to do up the house, or plant a new crop, etc. To their great surprise when they asked last week, the bank has stopped loaning out easy money. The are excellent repayers with no credit risk (the bank holds onto the land deeds) but still the bank has become much tighter with these loans. Why? Economic changes perhaps?

Also, is it normal for these repo banks to be generously cutting prices below the land office valuations? I would think that that would not be so in a bouyant marketplace (banks want to make money, just like you).

I know that you have plenty more about you than Thai goon, but you still seem to be in an elite position with a very nice view. I don't believe that the average Thai (more important than you or I in the greater scale of things.) is in anything other than a very difficult position which is getting worse. No doubt you'll benefit from their misery.

I think you're getting emotionally involved, Jas, as evidenced by a few of your previous comments above. Particularly the ones about folks like myself somehow causing the economic downturn or suffering of the masses. Folks like to talk about how one can control one's own destiny until it's their own loved ones or friends on hard times and then often times personal accountability goes out the window: it must be 'the man' or 'the conspiracy' keeping them down. Some folks also apparently find it easier (on their own egos) to reason that just because some folks are suffering, all people must be in dire straits as well: "99% of the population" must be struggling because repos are going up? Those people are just those who shouldn't have purchased homes or whatever that they weren't ready to purchase. Just because the banks will lend to someone, it doesn't mean that that someone can really afford it. It's one of the traps and profit engines of banking and finance.

Tighter lending policies would concern me a lot less than freewheeling lending policies. I'm curious as to what banks were offering 1% per year on these secured loans. Why aren't they offering these at MLR? 1% a year is an almost certain loss maker considering that banks are still paying 2.5% out on basic fixed deposit interest don't ya' think?

Myself, I've yet to come across properties in Bangkok or Chonburi that were being sold below land dept. valuation, although sure, it's possible. In fact of late I've only been coming across increasing land dept. valuations with a corresponding increase in prices. At auctions, the competition is still fairly fierce, with perhaps the only exception being lower numbers of foreign bidders (understandable because of reduced forex buying power and current state of legal/country status uncertainty).

Again, I'd like to stress that I'm not saying all is chipper and well. I'm saying that the sky doesn't appear to be falling though.