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Chinese move their purchase power away from Bangkok condo market

The Thaiger

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Chinese move their purchase power away from Bangkok condo market | The Thaiger

Chinese condo buyers are veering their purchase power away from the Bangkok property market citing the strong Thai currency, overpricing and a supply glut.

  • 2015 – 5.8 Yuan to the Thai Baht
  • 2019 – 4.4 Yuan to the Thai Baht

Chinese move their purchase power away from Bangkok condo market | News by The Thaiger

The rise of the baht and the weakening of the Chinese Yuan over the past four years, have culminated in a 25% softening in Chinese investment power in the Thai property market (chart from xe.com)

Property consultants say that Chinese buyers are now containing their investment risk by buying into the lower-end 2-6 million baht condo market instead of the 5-10 million baht condos they were previously purchasing.

At the same time the annual returns for Bangkok condominiums is reported to have dropped from 6-7% five years ago to only 3-4% in some locations in the current market.

Speaking to the Bangkok Post, Simon Lee, President of property brokerage Angel Real Estate Consultancy, says overall sales volume of Bangkok condos bought by Chinese buyers will shrink by half in 2019.

He also notes that the current Thai government crackdown on investors renting out condos on daily or weekly leases, has scared a lot of new investment into the sector away as the ‘law’ appears to be applied in a haphazard manner.

The Chinese investors are also expressing disappointment when they buy into a development at one cost, only to find that locals pick up the balance of the stock at a lower price as the developers clears the stock.

Bangkok’s soaring land prices, which should see the value of condos rise, is being balanced out with the sheer glut of stock available, pushing down values. Rental returns are also being pushed down by the volume of stock available to the rental market.

SOURCE: Bangkok Post

Here’s another report about signs of weakness emerging in the Bangkok condo market from The Thaiger.

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Bangkok

Thai Red Cross issues appeal for blood donations

May Taylor

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Thai Red Cross issues appeal for blood donations | The Thaiger

Blood supplies are running low and The National Blood Centre of the Thai Red Cross Society is urging members of the public to give blood in order to help meet demand.

Thai PBS World reports that a decrease in the number of people donating blood since the beginning of the month has led to a significant drop in supply.

The assistant secretary-general of the Thai Red Cross, Professor Chaivech Nutprayoon, says its blood centre is now receiving an average of 1,500 to 1,700 units a day, down from 2,000 to 2,500 a day previously.

Meanwhile, demand from hospitals all over Thailand is increasing but Professor Chaivech says the blood centre is only able to meet about 60% of that demand.

The current shortage means some patients are having to have surgery postponed due to a lack of enough blood. Children suffering with thalassemia and haemophilia are said to be particularly at risk, as their survival depends on regular blood transfusions.

Thai PBS World reports that members of the public in Bangkok can donate blood at the National Blood Centre or at Somdet Phra Pinklao, Ramathibodi, Bhumibol, Phra Mongkutklao and Watchira hospitals.

Elsewhere in the country, people can give blood at all hospitals.

SOURCE: thaipbsworld

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Bangkok

Thai Airways not at risk of shutting down: president

Greeley Pulitzer

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Thai Airways not at risk of shutting down: president | The Thaiger

Thai Airways is not at risk of shutting down and recent news reports about the airline’s situation were “misinterpreted”, the beleaguered carrier’s president insisted on Wednesday. The statement appeared to directly contradict remarks he made to high-ranking THAI staff in a speech on Tuesday.

He said the remarks were to encourage staff to make an earnest effort to ensure the struggling airline’s rehabilitation plan succeeds, and were “misinterpreted” as meaning the airline faced possible closure.

He rejected the possibility of the flag carrier closing down, but admitted battling stiff competition, especially from low-cost carriers.

With competition in the industry becoming fiercer, he said he had stressed the importance and urgent need to overcome obstacles facing the airline.

THAI staff were urged to heed how competitive the airline industry has become in all areas, including low-cost carrier competition, air fare promotions, and “cutthroat” route competition in some markets.

“THAI confirms it is perfectly capable to perform exceptionally amid tough airline competition,” he said in a statement issued by the airline.

“In an era when customers have so many offers to hand amid fierce airline competition, employees were asked to join forces and work to beat the competition for the inevitable achievement of improved operational results,” according to the statement.

He also dismissed media reports that the airline planned to stop flying to four destinations in the Asean region, saying THAI has no plan to drop any routes.

THAI is the national carrier and a state enterprise under the Transport Ministry. In the first half of this year, the airline posted a loss of 6.44 billion baht, raising its accumulated loss to 280 billion baht.

SOURCE: bangkokpost.com

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Bangkok

Six top officials sacked on King’s orders

Greeley Pulitzer

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Six top officials sacked on King’s orders | The Thaiger

His Majesty the King has sacked six senior palace officials attached to Royal Guard units and the Royal Household Bureau, stripping them of their rank and recalling their royal insignias, citing severe disciplinary misconduct and accusing them of exploiting their positions for personal gain. The dismissals were announced in two royal commands, reported Wednesday October 23 by the Royal Gazette.

The first command ordered that Lieutenant General Sakolket Chantra of the Royal Household Bureau be dismissed and stripped of his rank and royal decorations, saying he had acted deplorably by misusing his state position for his own and others’ gain and failed to perform his duty in line with regulations, causing serious damage to the state. The order took effect retroactive to September 1.

The second command, also dated October 23, ordered the dismissal of five state officials, who were also stripped of military rank and any royal decorations.

They are Major General Khun Tharinee Rodson, Khunying Thidarat Thamraksa, Major General Warinporn Kanisornsophon, Lieutenant Peera Mongkolchairerk, and Lieutenant Chayanan Pangsang, all attached to units of the Royal Guard.

The command cited their deploable conduct which breached disciplinary rules. Like Lieutenant General Sakolket, they abused their official positions for their own and others’ gain and failed to comply with regulations, causing serious damage to the state.

The command took effect retroactive to Tuesday.

Earlier in the week His Majesty stripped Sineenat Wongvajirapakdi of her “Chao Khun Phra” or noble consort title as well as her military rank, due to her “undesirable behaviour” as a Royal servant and being disloyal to the Royal Family.

The statement said Sineenat was against the appointment of Queen Suthida and gave orders under the name of Their Majesties for personal benefit. She also reportedly engaged in activities without His Majesty’s approval, causing confusion among the public.

SOURCES: bangkokpost.com

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