Dutch Firm Invests In Chiang Mai Resort Mall

[webfact]

Dutch Firm Invests in Chiang Mai Resort Mall

A Dutch property conglomerate says it is not concerned about the Thai political problems.

In fact, it is determined to go ahead with the plan to invest a massive 2.8 million baht in Thailand's first resort mall in Chiang Mai province.

Watchara Tantranont, chairman of V Group Chiang Mai, a leading real estate developer in the northern province, said his company is joining hands with Netherlands-based property conglomerate, ECC Group, to develop a shopping center in Chiang Mai.

The project is expected to cost around 2.8 billion baht.

Watchara said he has talked to executives of the Dutch firm and learned that they understand and are not concerned about the current Thai political problems.

They also believe that the Thai tourism industry will pick up considerably in 2011, especially in Chiang Mai.

He further said the local political unrest last year may have led to a heavy drop in room reservations, but the improvement in the local political climate has boosted confidence among foreign tourists and investors.

Besides tourism, the V Group Chiang Mai said domestic consumption and investment are showing signs of improvement this year.

This encourages foreign investors to invest in big projects in Chaing Mai, one of Thailand's most popular tourist destinations.

Watchara added around new 80 residential projects have recently emerged in the province and he believed the real estate sector will grow by 10 percent this year.

The joint investment project is expected to open in the middle of next year, linking the superhighway and second ring road, in an area well known by Chiang Mai residents for its accessibility and shopping opportunities.

It will be divided into six zones in a three-storey building and there will be more than 350 retail stores.

-- Tan Network 2011-02-25

[janverbeem]

In fact, it is determined to go ahead with the plan to invest a massive 2.8 million baht in Thailand's first resort mall in Chiang Mai province. <BR sab="364"><BR sab="365">

Indeed world shocking news.

[clinique]

this mall development was announced 2 years ago ??? was it not ??

[gotlost]

The dirt has been flying on the 1317 highway to San Kamphaeng for this project. This is directly in back of Big C off the super highway.

See...http://www.thaivisa.com/forum/topic/429183-new-mall-in-cm/

Edited February 25, 2011 by gotlost

[iainiain101]

invest a massive 2.8 million baht in Thailand's first resort mall in Chiang Mai province.

?? so little and their web site is crying out for investors......

[jdinasia]

invest a massive 2.8 million baht in Thailand's first resort mall in Chiang Mai province.

?? so little and their web site is crying out for investors......

typo I think .. go further down in the article .... Billion

[LaoPo]

this mall development was announced 2 years ago ??? was it not ??

Your Alzheimer is far away

Good memory!

Dutch ECC Group Ready to Launch Promenada Chiang Mai, The Future Shopping and Entertainment Destination in Northern Thailand

This article is from:

http://www.thaipr.ne...B185AC2547C5AD3

and:

http://www.nationmul...ss_30102081.php

AND..in the same period in 2009 they promoted to open a trade centre in Vietnam:

http://www.intellasi...111260103.shtml

Company website/current projects:

http://www.eccinvest...cten_huidig.php

They sell bonds to finance their projects....

Maybe they found a (major) investor; that would be spectacular in these worrying times

NOTE:

I would like to add that there is a note on the bottom of the page, hereunder, that says:

ECC Invest does not require a licence to offer these participation rights under the Financial Supervision Act of the Netherlands (Wet op het financieel toezicht) and is not regulated by the Netherlands Authority for the Financial Markets (AFM).

From: http://www.eccinvest.com/en/vervolg.php?p=133

I have written to the Central Bank in The Netherlands -DNB-, asking them if this ECC Group company has a licence to sell Bonds; I will inform you accordingly once I receive an answer.

LaoPo

Edited February 25, 2011 by LaoPo

[LaoPo]

NOTE:

I would like to add that there is a note on the bottom of the page, hereunder, that says:

ECC Invest does not require a licence to offer these participation rights under the Financial Supervision Act of the Netherlands (Wet op het financieel toezicht) and is not regulated by the Netherlands Authority for the Financial Markets (AFM).

From: http://www.eccinvest...rvolg.php?p=133

I have written to the Central Bank in The Netherlands -DNB-, asking them if this ECC Group company has a licence to sell Bonds; I will inform you accordingly once I receive an answer.

LaoPo

I received an answer today, Friday, March 4th, 2011 from De Nederlandsche Bank -DNB- (The Dutch Central Bank).

Translated it says:

"De Nederlandsche Bank (DNB), received your e-mail of February 25 last in good order. In answer to your question we can inform you that this Institution (ECC Invest - LP) is not regulated by DNB, therefore we can not give you information about the Institution.

Hoping to have informed you sufficiently."

It means that ECC Invest has no license from DNB to sell Bonds/Participation Rights and is also, like they write themselves: ".. not regulated by the Netherlands Authority for the Financial Markets (AFM)."

Note:

I have no idea where proper, solid and trusted information about investing in Bonds/Participation Rights from ECC Invest could be acquired since the Dutch Authorities can not give the same.

LaoPo

[janverbeem]

As they say,they are not required to have a license.Trusted information can never be acquired regarding any form of investment.Keep in mind how trusted international institutions went down from one day to the other only a few years ago.

[LaoPo]

As they say,they are not required to have a license.Trusted information can never be acquired regarding any form of investment.Keep in mind how trusted international institutions went down from one day to the other only a few years ago.

1. "not required" if the investment/bonds/participations are ABOVE € 50.000.-; in that case a licence is (strangely enough) not required.

2. Of course, "trusted" institutions can go down also and they did.....but for investors it is more comforting when a company/institution is screened by a Central Bank, the DNB in this case and when such an institution is under supervision of the same Central Bank.

LaoPo

[clinique]

so they ECC is a construction and management company. They put deals together and then find investors to back them. Nothing wrong with that,its done all over the world. These are not opportunities for "mums and dads" type investors tho... only the big guys..

V group has lotsof property and connections so could be agood fit..

But where the money is coming from - who knows ???

[WinnieTheKhwai]

Construction seems to have come to a halt.. They were driving in piles, which may actually have completed. But now there's nothing going on.

[gotlost]

Construction seems to have come to a halt.. They were driving in piles, which may actually have completed. But now there's nothing going on.

Looking for investors.

[LaoPo]

As they say,they are not required to have a license.Trusted information can never be acquired regarding any form of investment.Keep in mind how trusted international institutions went down from one day to the other only a few years ago.

1. "not required" if the investment/bonds/participations are ABOVE € 50.000.-; in that case a licence is (strangely enough) not required.

2. Of course, "trusted" institutions can go down also and they did.....but for investors it is more comforting when a company/institution is screened by a Central Bank, the DNB in this case and when such an institution is under supervision of the same Central Bank.

LaoPo

Adding to #1:

It is also not required to have permission/licence form the Dutch Financial "Watchdog" AFM = Authority Financial Markets if the sum of the investment is NOT above € 2.500.000 and that is the case in the ECC project since they kept the amount of the Fund Investment below the € 2,5 Million by splitting the REAL total amount of the project, € 4,2M = Baht 180M into 2 Bond Loans*:

1 of 150 Bonds of each € € 15.000 = € 2.250.000

1 of 78 Bonds of each € € 25.000 = € 1.950.000

Total = € 4.200.000

The security for the Bond holders is:

"

• Security: Security in the form of registration of a mortgage on the land with buildings erected on it of ECC Chiang Mai Project 1 Ltd
• The bondholder's claim also ranks prior to that of our own provider of capita

"

The same kind of strategy was followed by another company, building villas in France, also selling Bond Loans at € 12,500 each and each tranche not surpassing the (in)famous amount of € 2,5M.

1.600 investors are now duped for a total of € 100 Million.

In the Chiang Mai case it's even more complicated if something goes wrong since a Bond holder receives a (part) registration of a mortgage but what is that registration worth if a foreigner cannot hold land in the first place and how and where to find your fellow Bond holders if something goes wrong ?

All in all I think it's risky business since ECC would never have been able to meet the strict requirements of the AFM, otherwise they would have -proudly- advertised that they had a licence from the same AFM which, of course, attracts possible buyers a lot more easy.

* http://www.eccinvest...rvolg.php?p=133

LaoPo

[bloody tiger]

invest a massive 2.8 million baht in Thailand's first resort mall in Chiang Mai province.

?? so little and their web site is crying out for investors......

typo I think .. go further down in the article .... Billion

I think you may find that the "Investors" they want are for all the retail spaces. Obviously they would like to have the majority of spaces filled by the time they open.