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100 hotels on Koh Samui forced to sell up due to COVID-19 crisis

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They will not be cheap as most are in a debt up to their eyeballs

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4 hours ago, ezzra said:

Any one with cash at hand can make a killing now buying properties at rock bottom price and when things will look up, and they will, will at least double their money...

 Was thinking the same.. if only I was liquid (or rather MORE liquid) right now, I'd totally buy into one of those hotels. COVID will end eventually, even if there is another wave. And then it'll be back to business as usual.

 

Always wanted to own/own a piece of a hotel, especially a beach side resort on a lovely island like Koh Samui (though personally I prefer Koh Samet, but beggars can't be choosers).

 

What say ye, people of Thaivisa? T.V. Barbarian Sexpat Farang S<um LLC (or similar stereotypical name, to please the boys in green&blue, running the show?), buying 49% of a hotel or two as an investment group 😛 ?? I seem to vaguely recall someone mentioning a couple weeks ago, that they just received their Thai citizenship, so we could even go all in?

 

Can I get a few "ayes"?

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2 minutes ago, Forza2002 said:

Koh Samui will have to change it's name to Koh Cheen after the Chinese buy up everything. Then there will be charter flights galore from China... Naturally the Sino Thai families holding all the power will do little to stop them taking over as they will benefit and be rewarded. 

Chinese have owned the island for generations. The original inhabitants are Hainan Chinese that came some hundred years ago, and before the lockdown there were daily direct flights from China; had been like that for long time, as a number of Chinese have a week-end house on Samui...:whistling:

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4 hours ago, petermik said:

Just the tip of the iceberg...many more to follow...time will prove the idiocy of the governments handling of the Covid situation :whistling: 

 

If you call this Govt idiotic..... How you would name those in UK or US??? 

Even Prawit got more brain than Bojo or Donald together. 

At least he got the more expensive watches. 😊

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2 minutes ago, FarangULong said:

 Was thinking the same.. if only I was liquid (or rather MORE liquid) right now, I'd totally buy into one of those hotels. COVID will end eventually, even if there is another wave. And then it'll be back to business as usual.

 

Always wanted to own/own a piece of a hotel, especially a beach side resort on a lovely island like Koh Samui (though personally I prefer Koh Samet, but beggars can't be choosers).

 

What say ye, people of Thaivisa? T.V. Barbarian Sexpat Farang S<um LLC (or similar stereotypical name, to please the boys in green&blue, running the show?), buying 49% of a hotel or two as an investment group 😛 ?? I seem to vaguely recall someone mentioning a couple weeks ago, that they just received their Thai citizenship, so we could even go all in?

 

Can I get a few "ayes"?

You can own a hotel 100 percent, if you come up with enough funds...😉

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2 minutes ago, Sujo said:

I wouldnt be too keen to buy now. Paying rent etc but no tourists is not a great idea. 

And you furthermore still have to compete with all those hotels that survive and reopen...:thumbsup:

 

Those hotels coming quickly up for sale, are presumably those that already got financial problems. And some hotels have been for sale for ages, either because the asking price is too high, or the hotel is outdated and in a wrong location (I can think of one in Chaweng being offered for more than a decade)...:whistling:

 

Those hotels with enough funds behind – or resorts owned by the original Hainan-Chinese Samui-families on their old family land – will survive and reopen...🙂 

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5 hours ago, ezzra said:

Any one with cash at hand can make a killing now buying properties at rock bottom price and when things will look up, and they will, will at least double their money...

Yeah.  World-wide - Mission Accomplished.  They'll be a massive asset transfer from normal business people into the hands of the wealthy. 
And the wealth disparity gets wider, and wider, and wider.........

"It's the fault of that killer Covid virus."   <Muuuhhhaaaa>

Yeah, of course.  Right. :dry:

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4 hours ago, apophyss said:

Chineese will come buy all...

 

Yes and they can change the name to Koh Chin.  😆

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2 minutes ago, Venom said:

 

Yes and they can change the name to Koh Chin.  😆

Thought that name was already taken, in Kerala, India 😉

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Two biying groups:

1. Chinese investors. (It's all part of the plan.)

2. Police and/or army folk with money. (Secondary to China's plan, but hey, why not?)

So keep them closed as long as possible, to force the prices down even further.

4 hours ago, apophyss said:

Chineese will come buy all...

Places earmarked before the release of the virus.  As I said, it was all part of the plan.

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2 hours ago, chilli42 said:

I guess they are fully leveraged or they  would not be selling.  The size of the mortgage will determine the bottom end price .... at least until the bank takes over and auctions the property. I would tend to agree with another poster.  There may be a few properties for sale but doubt they are going for fire sale prices yet.

They will never go for fire sale price. At my local bank some of the same houses have been listed for about 4 years at the same price.

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5 hours ago, rooster59 said:

The head of a tourism business association on the once popular holiday island of Koh Samui has painted a grim picture of the devastation wrought by the coronavirus pandemic.

 

Is is as grim as the destruction wrought by mass tourism?

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1 hour ago, ChipButty said:

If you wanna buy cheap wait until the bank has reprocessed   

Never,

They can't legally sell it for less than they loaned.

And they all loaned 90% at the top of the market.

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