Chinese buyers in Chiang Mai spark Thai fears for future stability

[webfact]

Chiang Mai. Picture courtesy: Wikipedia

 

In a recent surge of property acquisitions in Chiang Mai, Chinese buyers are acquiring homes and other investments, fuelling both economic growth and local unease.

 

In the heart of Thailand's cultural capital, signs in Chinese adorn shops and cafes, marking a stark shift driven largely by Chinese nationals who now invest heavily in the area.

 

This buying spree, primarily focused in Hang Dong, San Kamphaeng, and San Sai, totalled investments from Chinese buyers of up to 5 billion baht in recent years.

 

Houses priced from 3 million baht have proven particularly appealing, given the comparative affordability against China's urban property markets, where prices can far exceed $700,000.

 

The combination of lower housing costs, appealing education prospects and short travel times via direct flights has made Chiang Mai an attractive proposition for Chinese investors.

 

It reflects a broader trend, with approximately 7,190 Chinese already residing in Chiang Mai, beyond the frequent visits allowed by tourist visas. In 2023, Chinese tourists topped the chart with 200,000 visits.

This flood of investment has not been without controversy. Concerns are rising among local residents and businesses about the long-term implications. Thai locals fear being priced out of their communities, highlighting issues around potential cultural erosion and economic dependency.

 

Real estate professionals have also noted an imbalance in negotiating power, with Chinese brokers frequently orchestrating deals to their advantage.

 

Furthermore, there are legal concerns, as foreign ownership typically exceeds the allowed 49% quota in many developments, potentially through local nominees intended to bypass restrictions.

 

Legal analysts suggest more stringent oversight and enforcement of existing laws to ensure fair market practices.

 

The influx of Chinese investors, while beneficial in terms of economic boost, calls for careful regulation to maintain harmony and safeguard local interests, reported Benar News.

 

-- 2024-11-20

 

 

 

[Woke to Sounds of Horking]

Do those property purchases come with oxygen tanks? They can have it.

 

Saddens me to see what happened to Chiang Mai. Used to love cycling the countryside. Now the foul air keeps me away.

[jippytum]

The current resrictions are adequate. The problem is  the wiley Chineese and others take advantage of lax and corrupt officals. 

[Tom100]

48 minutes ago, jippytum said:

The current resrictions are adequate. The problem is  the wiley Chineese and others take advantage of lax and corrupt officals. 

 

How do chinese/farang LEGALLY buy houses/land?  I understand that foreign nationals cannot own land.

[hotchilli]

3 hours ago, webfact said:

In a recent surge of property acquisitions in Chiang Mai, Chinese buyers are acquiring homes and other investments, fuelling both economic growth and local unease.

China very stealthily are taking over Asia... get used to it the master plan is moving forward very nicely.

[RichardColeman]

4 hours ago, webfact said:

Chinese buyers are acquiring homes and other investments, fuelling both economic growth and local unease.

If that is true then they are going to have to address this new 180 day tax issue, as the chinese wont want to agree to pay that tax.

 

I rent myself, I seriously would not buy any property in a country I cannot legally always stay and are at the mercy of immigration and Thai tax officials. Sometimes my UK home on the river thames seems very much the better option

[Tropicalevo]

5 hours ago, webfact said:

while beneficial in terms of economic boost, calls for careful regulation to maintain harmony and safeguard local interests,

 

Oh dear, the age old problem of 'we want foreigner's money, but without the foreigners'.

As the old song goes - you can't have one without the other.

 

[jippytum]

There are a lot of buisness premises in the vicinity of Chaing Mai Gate with 100% Chineese signage. 

i understood that all business  signage  in Thailand had to have some Thai Script included. 

It would appear these  establishments cater for Chineese customers  exclusively and should be investigated for at the very least for illegal Thai nominees

[john donson]

still farang cannot own 1 rai to build his home, by fear of increasing prices... loooooooooooool

 

moo baan house rent prices went up 50% in a few years and still climbing, mostly by greedy agents

 

 

maybe this is the new plan... let the chinese buy and pay for it, for a few years

 

then the government comes in and force them to sell at a loss

 

a bit like the long con game thai women do with farangs paying for everything, till divorce comes and lose everything, in most cases...

 

 

Edited 7 hours ago by john donson

[novacova]

3 hours ago, Tom100 said:

 

How do chinese/farang LEGALLY buy houses/land?  I understand that foreign nationals cannot own land.

…

6 hours ago, webfact said:

Furthermore, there are legal concerns, as foreign ownership typically exceeds the allowed 49% quota in many developments, potentially through local nominees intended to bypass restrictions.

 

[AnnaBanana]

4 hours ago, Tom100 said:

 

How do chinese/farang LEGALLY buy houses/land?  I understand that foreign nationals cannot own land.

Marry a Thai... everything sorted.

"What a life without a wife, and here I am without a man."

[JimHuaHin]

8 hours ago, Tom100 said:

 

How do chinese/farang LEGALLY buy houses/land?  I understand that foreign nationals cannot own land.

As a recent case in Bangkok highlighted, they buy, sorry I mean obtain, Thai citizenship.

[JimHuaHin]

7 hours ago, hotchilli said:

China very stealthily are taking over Asia... get used to it the master plan is moving forward very nicely.

Thai ultra-nationalists complain about a few rai of land claimed by Cambodia, but say and do nothing when corrupt Thai officials provide land ownership to Chinese  "investors".

[Burma Bill]

12 hours ago, Woke to Sounds of Horking said:

Do those property purchases come with oxygen tanks? They can have it.

 

Saddens me to see what happened to Chiang Mai. Used to love cycling the countryside. Now the foul air keeps me away.

 

With respect, I have recently returned to my home in Siem Reap after one week's holiday in Chiang Mai. No foul air during my stay. Everyday sunshine and blue sky with clear views of Wat Doi Suthep from my hotel window. Really enjoyable mountain views. I saw many tourists cycling around the city.