Condo market devastated by pandemic - Chinese can't pay for their properties

[bwpage3]

All this about money transfers?

 

How about China has been hit hard financially just like every other country in the world.

 

Same as many have lost their income in Thailand, the same is probably true in China.

 

These will go unpaid.

[booji]

5 hours ago, holy cow cm said:

Huh?

Very good question 

[ujayujay]

5 hours ago, Orton Rd said:

so should be thousands of repossessions coming up and bargains to be had?

Bargains for the Banks, you mean.......

[DouglasTsui]

4 hours ago, Puchaiyank said:

Thai logic...too many vacant condos...raise the price!

Have you gone to school? Basics here. Supply and demand. Prices goes along with supply and with this in mind, its going. To be a buyers market. Hold. On to. Your wallets Boys and girls. 

[orchis]

5 hours ago, rooster59 said:

Even those who had already bought units were unable to continue with payments due to problems in transferring funds as they couldn't get to Thailand. 

No bank transfers?

 

[hansnl]

5 hours ago, andre47 said:

''Even those who had already bought units were unable to continue with payments due to problems in transferring funds as they couldn't get to Thailand. ''

Why cannot transfer funds?

Ehhhhh.

Chinese way of doing business?

Cash only?

Bought with credit, borrowed money, not enough squeeze, no future travellers from China, anything.

It simply is a sign, possibly, the Chinese don't see any future in Thailand and take their loss......

[PatOngo]

11 minutes ago, bwpage3 said:

All this about money transfers?

 

How about China has been hit hard financially just like every other country in the world.

 

Same as many have lost their income in Thailand, the same is probably true in China.

 

These will go unpaid.

While some suffer, others prosper during adversity!

[hansnl]

13 minutes ago, bwpage3 said:

All this about money transfers?

 

How about China has been hit hard financially just like every other country in the world.

 

Same as many have lost their income in Thailand, the same is probably true in China.

 

These will go unpaid.

Quite so, China's economy did already stall before the Wuhan virus was let loose, and now it isn't going very well there also.

[PatOngo]

Just now, hansnl said:

Ehhhhh.

Chinese way of doing business?

Cash only?

Bought with credit, borrowed money, not enough squeeze, no future travellers from China, anything.

It simply is a sign, possibly, the Chinese don't see any future in Thailand and take their loss......

I think the Chinese will infiltrate anywhere they can, part of the grand, long term plan, world domination! 

[kotsak]

Cannot tranfer funds my ar$e.. They realized the AirBNB business model has collapsed and they bolted cutting their losses..

 

[PatOngo]

3 minutes ago, hansnl said:

Quite so, China's economy did already stall before the Wuhan virus was let loose, and now it isn't going very well there also.

Do you think the hard core communist party members have suffered??? It's the indoctrinated sheeple who have suffered! Military spending and expansion is going crazy in China!

 

 

Edited September 12, 2020 by PatOngo

[thaichina]

2 minutes ago, PatOngo said:

Do you think the hard core communist party members have suffered??? It's the indoctrinated sheeple who have suffered!

Have you even been to China? Do you know any chinese people? Why do you hate them so much? Is it personal?

[jpduggan]

'Even those who had already bought units were unable to continue with payments due to problems in transferring funds as they couldn't get to Thailand.

    TRANSFERWISE

Edited September 12, 2020 by jpduggan

[PatOngo]

Just now, thaichina said:

Have you even been to China? Do you know any chinese people? Why do you hate them so much? Is it personal?

I don't necessarily hate them, the ordinary Chinese are totally controlled and indoctrinated, I actually pity them, I am very wary of the communists and Emperor Xi Jinping! Emperor for life??? I am wary of the 100 Year Marathon.

 

[BritManToo]

5 hours ago, andre47 said:

''Even those who had already bought units were unable to continue with payments due to problems in transferring funds as they couldn't get to Thailand. ''

Why cannot transfer funds?

Cos it's all untraceable cash in suitcases from 'sources unknown'

[BritManToo]

2 hours ago, NightSky said:

 

Wouldn't it be a bit eerie being one of a handful living in a 20 story block?

I was one of three in an abandoned 100 plot housing estate.

The problem was with the utilities, they'd go off, and nobody repaired them for a week as it wasn't worth their while.

Water would go out for a week at a time, in the end I just moved into town.

 

There's still only 3 houses on that estate (View Suay), outside Hang Dong, near Carrefour. 

I imagine condos will suffer the same problems.

Edited September 12, 2020 by BritManToo

[dieter1]

5 hours ago, andre47 said:

''Even those who had already bought units were unable to continue with payments due to problems in transferring funds as they couldn't get to Thailand. ''

Why cannot transfer funds?

most/big part (what do/can I know) of this invested money is illegal gained, no tax paid, brought to Thailand as cash , gained to foreign/not chinese accounts. For chinese people it is restricted, to transfer money outside ...

interesting to hear, that they got all these lowns, dispite not even legaly working and not having official income source in Thailand . I thought farlang need this to get a loan !?. Are  there  special conditions for the brothers and sisters in China ??

 

[Suradit69]

5 hours ago, jmccarty said:

Plenty with some money in hand bought at very low prices during the Asian economic crisis in 1997.  This was also due to a contagion. 

Not sure what contagion you’re referring to. A shortage of foreign currency reserves in Thailand forced the government to allow the currency exchange rate to float in order to facilitate servicing of debt and the rate plummeted in terms of the baht to the dollar. My memory is a little fuzzy, but it was certainly in 40s and 50s to the dollar, possibly worse briefly.

 

i suppose you could describe the spread of the debt and financial crisis as a wide spread contagion.

 

Property prices didn’t dramatically fall in baht terms, but because the exchange rates they were fairly cheap in dollar terms. Through dumb luck I bought a condo here when the exchange rate was very favorable. Dumb luck also assisted me when I sold that condo a year before the pandemic arrived.

[Redline]

5 hours ago, GeorgeCross said:

 

chinese are highly limited in the amount they can transfer abroad

 

 

so they have to get err creative in order to buy condos and things

 

They should have specified cash deposits brought on airlines 

[Dumbastheycome]

5 hours ago, Orton Rd said:

so should be thousands of repossessions coming up and bargains to be had?

And a percentage of those  bargains to be had  by "new" Chinese buyers perhaps?

 

[zyphodb]

6 hours ago, CorpusChristie said:

Hungry and homeless people should be a higher priority than people buying property 

But they won't be :{ 

[Katipo]

The contents of this article seems rather suspicious. Are we expected to believe condos are being sold on finance to foreigners who don't reside in Thailand? As a foreigner who lives here, I have experienced first hand the hoops I have had to jump through, and there is just no way this could happen.....  unless the developers are providing mortgages privately through unofficial channels.

[Dumbastheycome]

1 hour ago, Youlike said:

In our mubahn there's a house which belongs to the bank now for many years (6 years)...they do absolutely nothing to maintain it, it's a huge jungle now..

IT's bad for the rest of the street but also the value of that house goes down fast...maybe soon it needs to be rebuilt and is only 10 years old.

 

I don't understand why Thai banks can do this with their property....they could at least maintain the garden of it.

As one of probably  many properties "The Bank" owns it is the  land they value. Buildings  devalue anyway.

 

 

[Postmaster]

OK then, lets see the bargains !

[scammed]

looks like its going to be a buyers market in a year

[ThailandRyan]

5 hours ago, GeorgeCross said:

 

chinese are highly limited in the amount they can transfer abroad

 

 

so they have to get err creative in order to buy condos and things

 

Yes, by taking it with them on Vacation many times throughout the year to bring it into the country, and that has been curtailed for 6 months, so at least 2 quarterly trips for some have been canceled and therefore no money to draw down on whats owed.

[shortstop]

6 hours ago, jmccarty said:

Plenty with some money in hand bought at very low prices during the Asian economic crisis in 1997.  This was also due to a contagion. 

Does anyone know when real estate prices bottomed out after the 1997 economic crisis?

[ThailandRyan]

8 minutes ago, Dumbastheycome said:

As one of probably  many properties "The Bank" owns it is the  land they value. Buildings  devalue anyway.

 

 

In what country does a Building devalue?  Houses only drop in value when there is an economic downturn, but so does the land they sit on as they are valued together normally.  In the US homes that were foreclosed upon and sat vacant for many years at least had the banks hiring gardeners and such to keep the house looking good for a sale when the right buyer came around, and always at an increase on the owed amount and the banks always turned a profit.  Leaving a house to rot is just poor action on the banks part.

[shortstop]

4 hours ago, Nout said:

eventually go into default and are sold at a blind auction via City hall.

Any details as to when these auctions occur and How I find out about them?

[elliss]

6 hours ago, mommysboy said:

It's an excuse of course.  The fact is even China is in dire economic straits (or its ordinary people anyway).

 

    China can loose @ least two million working people,  from Covid-19 .  RIP , etc..

     Without having any serious effects on , the Chinese economy ..

      That is a sustainability economy ..

 

Edited September 12, 2020 by elliss