Thailand grapples with allowing more Chinese landowners

[webfact]

A panoramic view of Bangkok at dusk. The Thai capital has attracted Chinese homebuyers in recent years. Photo: iStock

 

Relaxation of ownership laws aims at wealthy Chinese but political opposition says scheme will widen the wealth divide

By PREM SINGH GILL

Thailand has been a popular expatriate destination for investment and retirement for decades, but foreign land ownership has long been restricted.

 

Foreigners can own no more than 49% of any condominium development and are restricted from owning most freehold estates. Yet Thailand is keen to attract wealthy international investors — particularly those from China.

 

Thailand’s now-suspended Prime Minister Prayut Chan-ocha proposed a policy that would allow foreigners to own land for residential use on July 15, 2022. Thai officials claim this will boost the economy by luring wealthy foreigners to spend and invest in the country.

 

Investing 40 million baht (US$1.1 million) in Thai property, securities or funds for a period of at least three years is now one of many preconditions for foreign nationals to own up to one rai (approximately 1,600 square meters) of land beginning in September 2022.

 

Full story: https://asiatimes.com/2022/08/thailand-grapples-with-allowing-more-chinese-landowners/

 

-- © Copyright ASIA TIMES 2022-08-30

 

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[spermwhale]

It's disgusting to me that after all these years of barring foreigners from owning Thai dirt, that they are now considering it for the CHINESE. 

 

[NorthernRyland]

Stupidest idea ever. Thailand will be colonized in short order and I don't see the Thais even like the Chinese very much. Don't follow the West. Diversity is not a strength.

[Bim Smith]

The original Elite visa came with land ownership then was withdrawn some years later leaving the owners having to sell up fast mainly at a loss. Thailand cannot be trusted to not change the rules at a whim. In addition the Chinese real estate is about to burst leaving millions of Chinese facing huge financial loss. If there are any left to invest, Thailand would be the last place to do it. 

[2baht]

10 minutes ago, findlay13 said:

The Chinese are spreading their wings through "loans" and "foreign aid" to poor nations.

It's an insurgency, part of their aggressive expansion plan. 

[ezzra]

25 minutes ago, spermwhale said:

It's disgusting to me that after all these years of barring foreigners from owning Thai dirt, that they are now considering it for the CHINESE. 

 

Aha.. China is Thailand's big brother, or so it was protraiate  by succissions of Thailand's PMs,

and can you refuse big brother a request to buy a bit of land ha?

on a more serious side, Thailand should allow the sale of houses and land to foreigners but restrict the size and the type of properties if they deemed to bo be of national security...

[starky]

Just now, simple1 said:

Government can enact legislation to stop / restrict selling assetst to PRC companies and citizens or any other wanted investors, as they have now done in Australia.

So pretty much what I said then. Bit late for Australia though lol.

[Purdey]

My goodness. The rampant racism on show here is amazing. 

[RocketDog]

59 minutes ago, spermwhale said:

It's disgusting to me that after all these years of barring foreigners from owning Thai dirt, that they are now considering it for the CHINESE. 

 

To  be clear, the offer is open to any foreigner, you included. 

None the less, it's like selling body parts in my opinion.

[2baht]

4 minutes ago, Purdey said:

My goodness. The rampant racism on show here is amazing. 

How many Chinese staying at your place?

[RocketDog]

46 minutes ago, 2baht said:

It's an insurgency, part of their aggressive expansion plan. 

If the CCP can't buy it then it steals it. If it can't buy or steal it will invade it. Total world domination is their goal and they openly admit it.

The world has been way too slow in grasping this threat but that's changing now.

If it's racist to say that then I'm OK with that. I call it cultural affinity and I greatly prefer freedom to servitude under foreign masters.

[Reigntax]

With the Chinese influx I hope they realise they will have to upgrade Infrastructure including spit bins in each street corner and signs at hotel swimming pools “do not wash clothes here”!!

Edited August 30, 2022 by Reigntax

[Andrew65]

Why would they grapple with it when most of their ruling classes are ethnic Chinese?!????

[Iron Tongue]

2 hours ago, starky said:

If your selling a car and whitey offers you 10k then a Chinese gentleman offers you 20k who you selling to?

Obviously you've never done business with Chinese people.  If you sell it for 10k, they offer you 11k, then after you're locked-in contractually, you get a phone call that they buyer took the car to a garage where they discovered a bad transmission which needs 4k to repair, so he'll only give you 7k or he's going to walk.  The 7k is cash so you need to decide whether you'll take the cash or start the sales all over again.

[stupidfarang]

IMO I think it is good that foreigners cannot own land in Thailand, if they could the price of land would skyrocket and local people would not be able to afford to buy land.

[starky]

10 minutes ago, Iron Tongue said:

Obviously you've never done business with Chinese people.  If you sell it for 10k, they offer you 11k, then after you're locked-in contractually, you get a phone call that they buyer took the car to a garage where they discovered a bad transmission which needs 4k to repair, so he'll only give you 7k or he's going to walk.  The 7k is cash so you need to decide whether you'll take the cash or start the sales all over again.

More racist tropes. But ok ill run with your fallacy. STILL the option is not sell. If you do dont bitch after the fact or take a better offer. Some very true colours coming out in this thread.

[starky]

52 minutes ago, RocketDog said:

No. Simplistic, simple-minded, short-sighted, and dangerous.

So everything is about money. It's called selling your soul. Spying is called "selling out your country" and you want to do it literally.

Sad.

Oh sad ☹️☹️☹️ maybe talk to the people actually selling out our country like the government lol

[nattaya09]

1 hour ago, NorthernRyland said:

You will own nothing and be happy.

....or else

[sammieuk1]

There is a China town about 100 houses on my boundary wall its deserted and the jungle is now reclaiming even the clubhouse 6 months ago the security guard was withdrawn and the street lights turned off these are new houses some not even finished looks like everyone run out of money at the same time covid I suspect ????

[robert888d]

China will take over Thailand withing 25 years , if not before. 

[gaucan]

1 minute ago, robert888d said:

China will take over Thailand withing 25 years , if not before. 

tell me in what way it didnt take over thailand yet? the richest are either ethnic chinese or half chinese, like CP(makro,7/11,etc..)  and owner of all Central malls

[Artisi]

1 hour ago, ezzra said:

Aha.. China is Thailand's big brother, or so it was protraiate  by succissions of Thailand's PMs,

and can you refuse big brother a request to buy a bit of land ha?

on a more serious side, Thailand should allow the sale of houses and land to foreigners but restrict the size and the type of properties if they deemed to bo be of national security...

Please don't be too complicated, the average politician would understand the subtlety of restrict in the national interest considering the only interest is self..... 

[userabcd]

1 hour ago, RocketDog said:

If the CCP can't buy it then it steals it. If it can't buy or steal it will invade it. Total world domination is their goal and they openly admit it.

The world has been way too slow in grasping this threat but that's changing now.

If it's racist to say that then I'm OK with that. I call it cultural affinity and I greatly prefer freedom to servitude under foreign masters.

What a load of hogwash.

Edited August 30, 2022 by userabcd

[RocketDog]

38 minutes ago, starky said:

Oh sad ☹️☹️☹️ maybe talk to the people actually selling out our country like the government lol

Sure, that's an issue. But that's not what you were saying. You spoke about individuals selling to foreigners. Drop the deflection thing.

[SymS]

The law is not specific to Chinese, just anybody with 40 million Baht spare cash for investment, plus the funds to purchase land and a property.
 

[Photoguy21]

They will buy everything and take over the country. I dont think the Thai people would be happy with that. Bad idea to let China buy any real estate in Thailand as it never stops from a first purchase.

[kingstonkid]

The Thai real estate market, especially in BKK, is about to take a dive.  There are too many condos being built, and the prices are way too high.  

 

The only way they can sell them is to sell them to the Chinese that has money and little to invest in back home.

 

I would love to see the vacancy rate for some of these newer condo's

 

I can tell you that Thais are moving out of Bangkok to the burbs where instead of a 1 bdrm for 10 million they can get a house for 5 million brand new

[RocketDog]

6 minutes ago, userabcd said:

What a load of hogwash. The xenophobia is shining through.

I'm OK with that. I call a threat as I see it, not based on race at all.

 

A rabid animal is a threat regardless of what animal it is.  Note that I referred to the CCP, not the Chinese race. I'm not concerned about the north Korean people either but I certainly fear their government's ambitions.

 

Your political bias is shining through. Or is it just virtue signaling on your part?

 

What do you have against hogs anyway? Animal bigot?

[crazykopite]

Over the last 18 years I invested well over 20 + million baht knowing full well that tomorrow we foreigners could be kicked out of the country by the click of a finger .I am well prepared of the eventuality that it could happen . Now they want to attract more investors what the fail to do is look after those of us who have financially  contributed to the country during hard times dare I sat typical Thai mentality only a fool and his money would risk this latest idea 

[Guderian]

Given the Immigration rules, even for this new visa, plus the deadly Thai roads, plus the deadly Thai drunken men, plus TAT's ability to attract only the dregs of Indian and Middle Eastern motorbike racer wannabe tourists, I should think the only people who'd be happy to spend a million dollars/pounds/euros on property in Thailand are those who are desperate to launder their ill-gotten gains. After all, the old adage still holds true after all these years, you should only invest in Thailand what you can afford to lose. So now on the one hand we've got the RTP telling us we should be worried about farang criminals posing as tourists arriving this high season, while on the other hand the Thai government is actively trying to encourage Chinese criminal tourists to settle here.