Very informative news article on this topic, published 22 Sept 2014, can be read in the Bangkok Post Business section.

Site rules forbid direct links or quotes or political comments, not that any are offered in aforementioned article , nor i do make such comments.

So what's your opinion on the topic?

You can most definitely summarize the sentiment that you apparently share with the article.

I read it. It looks like one could get a discount on a unit that has a slim chance of ever being built.

Anyway, I'm not convinced that any Bangkok newspaper can get anything accurate for things outside of Bangkok.

Assuming it's accurate though just for the purpose of this discussion, condo prices are already borderline insane for Chiang Mai, and a height restrictions and associated speculating with building permits would drive prices higher still, likely beyond what the market will bear.

The interesting part though, and the one I suspect to be inaccurate, would be the prospect of a low rise luxury condominium inside the old town.

I can stand by the swimming pool on the 5th floor and see 5 cranes blotting the skyline all putting up these box like monstrosities. I can only guess as to what is going on in the rest of the city. I am led to believe that as soon as a builder has one bldg. sold the bank automatically finances the next one. I am also led to believe that the middle class Chinese are snapping them up. One day in the not so distant future all available services will come to a screeching halt. The wires will only carry so much electric, there is a limited water supply and mother nature seems to be pushing us into a 3 to 5 year dry spell at present, the air can only absorb so much pollution, the roadways will only handle so much traffic (there is no sign of a mass transit system) and God only knows where all our poop goes. As well as new infrastructure the old infrastructure must be replaced as it is deteriorating much like my 76 year old body. It will all implode some day. Thank God I will not be here when it all comes about.

How can the middle class chinese snap up more than 49 pc of any condo building ? Aren't the thais buying too?

Of course, there may be some legal loophole which allows a chinese company to build the condo, then make all interested chinese shareholders of same company, thus giving individuals 'ownership' rights and denying locals or other folks opportunity to become shareholders.

The chinese are keen to move money out of china.

For decades and probably longer people have been saying "the world's growing too big and it's all going to pot." People must have said that about New York City in 1900. Today it is a beautiful place.