News Forum - 80% of condos in Thailand sold to foreigners, 50% China

[Stardust]

5 minutes ago, Stardust said:

They did yes before but the are making crackdowns at the moment in China on that. Firms who want to open companies and want to invest abroad had raids and had to close and it is illegal to bring their money outside China. I think the companies and investors were surprised too that it would that strict and hard. Big tech firms lost billions of usd over night or completly shut down. I was surprised too that XI do this on a real radical way. They not hesitate to lock hisos like Jimmy they do that on the biggest hisos already. The big ones just dissapear , thats it.

But sure I am talking about CCCP mainland China not Taiwan. 

[KaptainRob]

7 minutes ago, Stardust said:

They did yes before but the are making crackdowns at the moment in China on that. Firms who want to open companies and want to invest abroad had raids and had to close and it is illegal to bring their money outside China. I think the companies and investors were surprised too that it would that strict and hard. Big tech firms lost billions of usd over night or completly shut down. I was surprised too that XI do this on a real radical way. They not hesitate to lock hisos like Jimmy they do that on the biggest hisos already. The big ones just dissapear , thats it.

If that's the case I'm happy as we seem to be over-run by Airbnb's which is detrimental to both resident neighbours and hoteliers.

There may be a slowdown in local building which had been fuelled by an expectation of Cn buyers returning although history has proven Chiang Mai fairly resilient as southern Thai's are buying here as future-proofing against the day Bangkok becomes unliveable through projected sea-level rise.

 

[Stardust]

1 minute ago, KaptainRob said:

If that's the case I'm happy as we seem to be over-run by Airbnb's which is detrimental to both resident neighbours and hoteliers.

There may be a slowdown in local building which had been fuelled by an expectation of Cn buyers returning although history has proven Chiang Mai fairly resilient as southern Thai's are buying here as future-proofing against the day Bangkok becomes unliveable through projected sea-level rise.

And the Taiwanese, Japanese and westerner buyers could buy too if the conditions and regulations are stable. But in the case of Chiang Mai they will have an eye how they will handle the air pollution in the future. 

[oldcpu]

15 hours ago, Bob20 said:

They can sell 49% to foreigners and 51% to Thai. Foreigners with Thai companies might legally be able to buy on the Thai 51% side, but I doubt they would. They usually buy land and house, not condo. 

Foreigners do live in Condos owned by Thai companies (that the foreigners control). 

I prefer not to say more wrt my knowledge of this, other than to say it does occur with condos, and say that developers do sell Thai freehold condos to Thai companies - where determining the actual ownership of the company, is not the developer's concern - their concern is only that the company is legit.

Edited September 4, 2021 by oldcpu

[KaptainRob]

1 hour ago, Stardust said:

And the Taiwanese, Japanese and westerner buyers could buy too if the conditions and regulations are stable. But in the case of Chiang Mai they will have an eye how they will handle the air pollution in the future. 

At the risk of getting off-topic, having lived here 10 years I can honestly say that certain parts of the city's residential suburbs, eg western and south western areas, suffer very little smoke during bush-fire season. 

Bush fires are part of life in hot and dry climates but the air pollution experienced across almost all of the North and Northeast of Thailand is not all locally produced - it carries across from India/Burma and Mae Hong Son,  all the way across Laos/Vietnam to the Pacific.  Not much chance of controlling that.

We can discuss in a separate thread if you wish, not here, thanks.

[HolyCowCm]

17 hours ago, KaptainRob said:

Fact of life though. Chiang Mai is a magnet for Cn investment due to BRI rules and our proximity to the homeland.

Virtually every new development in our mooban is Cn sponsored or the target market.  Getting money out of China is sweetened by Airbnb income and the rates they ask are crazy.

Yeah this is the unfortunate reality and the dive that will eventually make CM unattractive if it gets more out of control. Ever since that movie Lost in Thailand came out then you could openly easily see the influx start, group, tour busses, vans everywhere and everyday. For Covid the quiet is the only thing I appreciate, but as you will see there are still Chinese here, but there is a nice balance of all people now. For me where I am there are only Thai owned for the houses, so for this area where 
I am is already full so it won't be happening here. Balance is the key, but never gonna happen.

[cowslip]

On 9/3/2021 at 8:25 AM, Jannot said:

I was under the impression that any Housing complex could only have 49% foreign ownership, rest must be Thai. Perhaps Chinese are not considered foreign.

Yes - so was I .. I presume they mean 80% of the 49% available to foreigners?

Anyhow, I think they are just talking things up........without tourism to back it up, places like Pattaya are going to lose their appeal to expats as the services they offer are going to be greatly reduced.