Sales of Thailand Elite Card to Chinese nationals up 185%

The number of new Chinese nationals who have joined the Thailand Elite Card programme has risen steeply from 1,100 in 2021 to 3,100 this year, growth of 185%.

Yuthasak Supasorn, chairman of Thailand Privilege Card, operator of the programme, said the number of new Chinese members had risen from 1,100 in 2021 to 3,100 this year, the overall number of Chinese members in the programme reached 7,350, the most of any country.

Wealthy Chinese businesspeople are keen to escape Xi Jinping’s disastrous Covid-19 policy which is driving the Chinese economy to its knees while annihilating what few rights Chinese citizens had left.

Since the launch of Elite Flexible One targeting foreign investors, five customers — all Chinese — have purchased real estate in the country worth 100 million baht. (US$2.5 million).

Yuthasak said TPC would expand marketing to Hong Kong, and Taiwan.

Regarding concerns over land ownership granted to foreigners, he said TPC follows the regulations. The programme is restricted to condos that are already built and worth a minimum of 10 million baht. Members cannot sell or transfer the properties they own for at least five years.

Every Elite Card member has to pass a criminal background check and be approved by the Immigration Bureau and Consular Division. There have been no petitions or concerns over any of its members committing crimes in Thailand.

The Elite Flexible One programme has been extended until December 31, 2024.

At present, there are 22 property developers offering members 77 projects in total.