SC Asset Confirms Houses Are Only Sold To Thai People

[webfact]

A clarification issued by SC Asset overlaid on a luxury housing estate. Photo: Matichon

 

by TNR Staff 

 

AFTER police raided a luxury housing estate in Soi Lasalle where Chinese grey capitalists have bought almost all the houses through nominees SC Asset Corporation Plc today (Dec. 4) issued a clarification that the houses it built were sold to only Thai people or Thai juristic persons, Sanook.com and Matichon newspaper said.

 

The company issued this statement amid public suspicion as to how this could have happened. SC Asset said the following in its statement:

 

– The company conducts business transparently in accordance with good governance principles.

 

Full story: https://thainewsroom.com/2022/12/04/sc-asset-confirms-houses-are-only-sold-to-thai-people/

 

-- © Copyright  THAI NEWSROOM 2022-12-05

 

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[jcmj]

Well I wonder if those Thai nominees will get something. I guess it may just be too messy but they have their ways. Time will tell. 

[ChrisY1]

SC Asset Corp......Shincorp....! Surely they wouldn't be involved...surely not :))

[RichardColeman]

Don't see issues with selling houses to foreigners, just stipulate the property must be sold to a Thai national after a 70 year lease or something

[nobodysfriend]

3 hours ago, webfact said:

Chinese grey capitalists have bought almost all the houses through nominees

 

3 hours ago, webfact said:

were sold to only Thai people or Thai juristic persons,

Chinese with Thai passports ?

[JBChiangRai]

Thai Juristic Persons means Thai Companies.

 

Easy to look at the director of said company to see who is the ultimate beneficiary, also if any of the shareholding is by foreigners.

[Srikcir]

53 minutes ago, RichardColeman said:

Don't see issues with selling houses to foreigners, just stipulate the property must be sold to a Thai national after a 70 year lease or something

Current law allows maximum 30-year lease for a foreigner individual right to use the land and are not renewable (requires a new lease). Lease must also be registered with the Land Department. 

Also there are limitations for inheritance of said property to an "unqualified" (not on an extended Thai visa) foreigner on death of the foreign lessee. 

[hotchilli]

7 hours ago, webfact said:

AFTER police raided a luxury housing estate in Soi Lasalle where Chinese grey capitalists have bought almost all the houses through nominees SC Asset Corporation Plc today (Dec. 4) issued a clarification that the houses it built were sold to only Thai people or Thai juristic persons, Sanook.com and Matichon newspaper said.

Bought in a Thai name with Chinese money... but Thailand wants that?

[metisdead]

Off topic deflection posts and replies have been removed. 

[animatic]

4 hours ago, nobodysfriend said:

 

Chinese with Thai passports ?

Juristic persons are Thai companies.

they have legally nominally Thai majority partners if land purchase is included, but typically do not.
And condos or houses built on leased land from Thais are not counted. Still all the is dotted and Ts crossed in these changing times.

But this Chinese thing has many panties in a bunch and this level of big money can but lots of property built on nominally thai land plots. But the Thais get a stipend in return.

[Liverpool Lou]

5 hours ago, nobodysfriend said:

9 hours ago, webfact said:

were sold to only Thai people or Thai juristic persons,

Chinese with Thai passports ?

By definition, they would be Thai.

Edited December 5, 2022 by Liverpool Lou

[Liverpool Lou]

5 hours ago, JBChiangRai said:

Thai Juristic Persons means Thai Companies.

 

Easy to look at the director of said company to see who is the ultimate beneficiary, also if any of the shareholding is by foreigners.

Irrelevant if the companies are Thai companies; the developer does not have the responsibility to track the beneficial owner of an apparently legitimate Thai company.

Edited December 5, 2022 by Liverpool Lou

[billd766]

5 hours ago, ChrisY1 said:

SC Asset Corp......Shincorp....! Surely they wouldn't be involved...surely not :))

AFAIK they are shareholders in a PUBLIC LIMITED company which was founded on 08 August 1989.

 

Further to that, again AFAIK shareholders do NOT take any active part in running any company in Thailand or elsewhere for that matter.

 

What shareholders do is buy shares in a company in the belief that the company will make a profit, and that all the shareholders will gain investment on the profits made which I think is called a dividend.

 

The only wat I know for a shareholder to take an active part in any business is if they are elected an AGM.

 

IMHO, there is an election coming fairly soon in Thailand, and the ministry of dirty tricks has been re-activated to ensure that the PTP and the Shinawatra clan do not win a majority of seats and thus form a government, even a coalition government.

 

Scw the party list has gone back to 100 from 150 the minnow parties need 350,000 or 375,000 votes per MP elected just to gain a party list seat.

 

Again IMHO there will be a lot more dirty tricks in the pipeline.

[JBChiangRai]

9 minutes ago, Liverpool Lou said:

Irrelevant if the companies are Thai companies; the developer does not have the responsibility to track the beneficial owner of an apparently legitimate Thai company.

Agreed, the authorities only do that if you upset a big wig.

 

Leasehold, freehold and the biggest risk of losing your property “wifehold”.

[bangon04]

On 12/5/2022 at 12:39 AM, JBChiangRai said:

Thai Juristic Persons means Thai Companies.

 

Easy to look at the director of said company to see who is the ultimate beneficiary, also if any of the shareholding is by foreigners.

not easy for the RTP or government agencies, apparently.....