Phuket developer denies December 17 deadline for eviction of buyers

[Benmart]

look at the man's face.....there is a big X over his face ,can you see this ?

His body language says :" i know i'm no good "

A persons face bears no relationship to their honesty or lack thereof. So is the same with postings of wisdom.

[Benmart]

look at the man's face.....there is a big X over his face ,can you see this ?

His body language says :" i know i'm no good "

A persons face bears no relationship to their honesty or lack thereof. So is the same with postings of wisdom.

I don't profess to know-all-see all. I'm not in charge nor do I sit in judgement on any issue.

[Suradit69]

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Best to rename his development company Ponzi Enterprises LLP.

Thailand the Hob of Ponzi rip offs and knock offs alt=cheesy.gif width=32 height=20>

The "Hob?"

Some of us seem to apply "Ponzi" to anything that sounds like a badly run business or a scam. The story in the O/P sounds like a badly executed (or nonexistent) business plan where the "businessman" combined cluelessness with a cavalier indifference to his customers, but it's not remotely like a Ponzi Scheme.

Given stellar farang characters like Bernie Madoff and "Sir" Allen Stanford, who were running Ponzi Schemes to the tune of $ billions, bilking people of the retirement funds and charities of their trust funds, I don't think Thailand will even be in the top ten, let alone the "hob," of scams or Ponzi schemes.

[vijer]

This guy has big balls to claim the 2008 global financial crisis for this situation. Other people and countries got screwed when they invested in worthless US paper, screwed by the biggest thieves in the world, the banks and Wall Street. The people buying (homes I assume) in this project would not have been investors (or maybe they were pulling a scam against the Thai property laws hey I'm a business buying a home to rent for profit so I can own a home lol).

[condor001]

Why doesn't he use the money from his "other business activities" to pay the loan, instead of milking more from the owners?

Because any reasonable business person sets up a company for each project. He protects his other assets. He therfore has some leverage with the bank, assuming he has no personal guarantees.

[condor001]

How many times has everybody said on this truly wonderful site advised- never get involved in buying houses- a foreign owned condo at the moment is fine- never ever ever buy off plan.

The guy's sunglasses probably cost more than your house- never trust anybody.

Rent- yes it costs a lot for a nice property- but there you go.

Obviously your opinion, not fact. If you do your research on the developer and he has successfully completed other developments, then buying off plan can get you a substantial discount. There are many reasons to buy vs rent, the most obvious is doing the math. Can be much cheaper in the long run. But I can't convince non-trustworthy people to trust another party, Lol! They think everybody is out to cheat them. I just say, do the due dilegence and if it makes sense, buy!

[micmichd]

In the long run we will all be dead.

[Acharn]

And the moral of the story .... NEVER buy property in Thailand ... RENT IT and walk away whenever you like. Why anyone would buy something you can't legally own is beyond me. Still there are plenty of fools still to be had.

To me this is key. It's really very simple -- the Land Law of 1941 clearly made it illegal for a non-citizen to own land in Thailand. What part of "no" do you not understand? I see many discussions of ways to get around this simple, straightforward law. Because of lax enforcement and underfunded agencies some people manage to get away with this stuff for years, but it's a gamble I wouldn't be willing to take. Oh, I'll modify that -- if I had the cash on hand and had a comfortable assured future income I might choose to gamble it, with the knowledge beforehand that I might lose it, and I might very well not care. Whether it comes easy or hard, once you've spent it it's gone, get over it. Look up the theory of "sunk costs." But aside from that, I really don't understand why so many farang are in denial of the fact that they cannot own land in the Land of Smiles.

[Acharn]

How many times has everybody said on this truly wonderful site advised- never get involved in buying houses- a foreign owned condo at the moment is fine- never ever ever buy off plan.

The guy's sunglasses probably cost more than your house- never trust anybody.

Rent- yes it costs a lot for a nice property- but there you go.

Obviously your opinion, not fact. If you do your research on the developer and he has successfully completed other developments, then buying off plan can get you a substantial discount. There are many reasons to buy vs rent, the most obvious is doing the math. Can be much cheaper in the long run. But I can't convince non-trustworthy people to trust another party, Lol! They think everybody is out to cheat them. I just say, do the due dilegence and if it makes sense, buy!

If it makes sense ... Do your due diligence. The law is really simple and straightforward. A foreigner cannot own land in Thailand. There are schemes and scams that promise, "Oh, yes you can, just bring your money here and I'll show you this simple, foolproof scheme .. It cures acne, too." If this comment is aimed at Thai members of TVF, OK, it might work for you, but it's foolhardy for a foreigner.

[grumpyoldman]

In the long run we will all be dead.

Born optimist !

[smotherb]

Why doesn't he use the money from his "other business activities" to pay the loan, instead of milking more from the owners?

Hmmm, have your less financially troubled activities acquire the debt of the more financially troubled activities. That would only appear to be a feasible strategy in two contexts: 1) if the other activities were financially strong enough to survive the acquisition; 2) if someone cared about their obligation to would-be owners

[Capex]

The restaurant takings at Twin Palms must have dropped dramatically since his departure>

[smotherb]

What a bunch of idiots I only do any property deals here in LOS with my Thai lawyer and Bank present to check all paperwork is correct and in order also Have all parties sign typed statement to the fact that paperwork and payment is recieved. With witness signing too. Got burnt once is US so never again took 6 years and the agent getting both legs busted up bad before I got my money back. No one screws with my money.

However, as a farang you do property deals here in the LOS.

[marcusd]

I have no sympathy for the buyers. If you buy on a promise that it will all be ok in the end and then hand over your money, you are taking huge risks.

They should only settle when deeds are handed over all at the same time like any western nation and as these are Aussie people they know better.

That what they do back home so why is it any different here?

I own property here and hold the chanote. Not a stupid promise.

I know these people probably believe in ghosts fairies and "I LOVE YOU, I PROMISE I WONT XXX IN YOUR MOUTH". Amongst others.

[marcusd]

And the moral of the story .... NEVER buy property in Thailand ... RENT IT and walk away whenever you like. Why anyone would buy something you can't legally own is beyond me. Still there are plenty of fools still to be had.

There are many legal ways to own property here. But there are too many fools thinking of how to save a thousand baht then losing all and stating they know all the laws. You have your opinion but too many people never listen and end up poorer again

[NamKangMan]

And the moral of the story .... NEVER buy property in Thailand ... RENT IT and walk away whenever you like. Why anyone would buy something you can't legally own is beyond me. Still there are plenty of fools still to be had.

There are many legal ways to own property here. But there are too many fools thinking of how to save a thousand baht then losing all and stating they know all the laws. You have your opinion but too many people never listen and end up poorer again

"There are many legal ways to own property here." - please tell me which method a foreigner may use to "own property" 100 % freehold, in their own name, until they die, and then can "will" it to their family, in the same way as they can in many other countries in the world.

Property in Thailand is a one way street, and it leads back to a Thai, all the time.

[micmichd]

La tiera a quim el trabalho - do I remember this right?

Meaning: property in land (soil) is different from other business investments, right?

[micmichd]

Please define "their family".

Family in Farang country, or family in Thailand?