Govt Housing Bank auctioning off 5,500 properties

[rooster59]

Govt Housing Bank auctioning off 5,500 properties

By The Nation

 

GHB's president Chatchai Sirilai

 

The Government Housing Bank (GHB) will tomorrow (August 22) auction off more than 5,500 pre-owned houses, flats and vacant land plots.

 

Out of the total, 550 are located in Bangkok or its vicinity.

 

Bidders can register from 8am while the auction will begin at 10am. The auction of property located in Bangkok and Greater Bangkok will take place at GHB headquarters on Rama IV Road, while property in the provinces will be auctioned off at its nationwide branches.

 

The bank's president Chatchai Sirilai said the auction was part of its mission to help Thais own their own homes.

 

The auction is part of the bank’s move to sell off at least Bt4 billion in non-performing assets (NPA) this year.

 

It sold off NPA worth Bt956.77 million in the first six months and then Bt1.241 billion in July alone.

Chatchai added that if there is no second wave of Covid-19 in the second half of the year, the bank has a chance of nearly meeting its 2020 NPA sale target.

 

Source: https://www.nationthailand.com/business/30393331

 

-- © Copyright The Nation Thailand 2020-08-22

 

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[AussieBob18]

Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.

Winston Churchill

[edwinchester]

"The bank's president Chatchai Sirilai said the auction was part of its mission to help Thais own their own homes."

 

The bank's president Chatchai Sirilai said the auction was part of its mission to finally offload homes repossessed years ago and try and balance it's loan book.

There fixed it.

[baansgr]

Repos?

[Paiman]

 

Another chance for the wealthy to increase their family fortune.

[86Tiger]

This party is just getting started.

 

 

But in fairness, it will encompass the entire globe.....

[soalbundy]

Looks as if the number of landlords will remain constant then even if a few may have to curtail their consumption of champagne for a few months.

[RichardColeman]

10 hours ago, rooster59 said:

The bank's president Chatchai Sirilai said the auction was part of its mission to help Thais own their own homes.

It will also lead to 5,500 desperate Thais trying to sell their homes to survive being seriously undercut in the property market buy the bank selling theirs at half price! Then the bank will reposes the unsold Thai owned homes as they cannot sell them and the bank sell theirs also for half price !

[isaanpaul]

I hear only goverment staff members have the best opportunity?????

 

 

[timendres]

15 hours ago, Paiman said:

Another chance for the wealthy to increase their family fortune.

Unlikely to be much inventory in this auction that will be of interest to the wealthy.

[sammieuk1]

Some reinforcement of trouser pockets at the double ????

[Grumpy John]

A lot of the property listed in rural towns, on the banks local list, seems to be overvalued by the bank.  Maybe the folks who put in bids will get a better price.  

[hotchilli]

On 8/22/2020 at 7:43 AM, baansgr said:

Repos?

Robin Hood in reverse, take from the poor and give to the rich.

[newnative]

15 hours ago, RichardColeman said:

It will also lead to 5,500 desperate Thais trying to sell their homes to survive being seriously undercut in the property market buy the bank selling theirs at half price! Then the bank will reposes the unsold Thai owned homes as they cannot sell them and the bank sell theirs also for half price !

     My partner and I looked at a bank-owned condo in Pattaya.  Great condo project but the condo was on a low floor of the building so the seaview wasn't the best, it was unfurnished, and the condo itself had sat empty for years and needed a lot of work.  We would have considered buying it had it been half-price.  Instead, it was priced the same as much better higher floor same size furnished units with better views.  This was several years ago and the condo still sits empty and unsold today.  Different bank than the one planning the auction.  

[connda]

On 8/22/2020 at 6:31 AM, rooster59 said:

The bank's president Chatchai Sirilai said the auction was part of its mission to help Thais own their own homes.

 

The auction is part of the bank’s move to sell off at least Bt4 billion in non-performing assets (NPA) this year.

Translated:
"We've foreclosed on properties owned by poorer Thais and will be selling them to richer Thais who have the money to 'own their own homes.'"

[Rancid]

On 8/22/2020 at 12:30 PM, Paiman said:

 

Another chance for the wealthy to increase their family fortune.

Exactly, suspect in many countries where good businesses have been closed by government decree and those paying off their properties evicted due to government mandated job losses, the wealthy are stepping in and buying bargains. Just look to see who benefits from political decisions, then you know who owns the politicians. Hint, it isn't the voters.

[DrTuner]

Slowly the market gets saturated. Then it's time to feast on the carnage. Remember, T-Rex was a scavenger.