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

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Posted (edited)
19 hours ago, sawadee1947 said:

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. 😊

 

16 hours ago, sawadee1947 said:

That is not quite right. 

It's about hotels on Samui which suffer from Corona because of "no customers ".

And it is about to open bars and restaurants again. 

And it has to do with tackling the crisis in a way so that tourists come back. 

Obviously you were in another thread. Start again. 😐

Please enlighten me as to where did that come from, if it didn't come from you?

 

quote "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." 

 

 

Edited by billd766
added extra text

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7 hours ago, ToThailand said:

70000 people working for 600 hotels? That average 116 people per hotel. Those numbers cant be correct 🤔

It could well be if you take into account

 

Management, (day shift only) GM plus 1 or 2 duty managers plus main cashier

Front of house staff, reception, cashier. porter/security at least 2 shifts

Kitchen staff, cleaners, maids, laundry etc probably 2 shifts.

Outside staff, security (2 shifts) outside staff and cleaners.

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1 hour ago, billd766 said:

 

Please enlighten me as to where did that come from, if it didn't come from you?

 

quote "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." 

 

 

Maybe you should follow JHU statistics? 

Watch corona cases rising in UK and compare Thailand. 

Almost same number of people. 

But UK got an idiot as PM and adviser whereas Thailand.....made the right steps at the right time.

 

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On 6/6/2020 at 3:54 PM, samuiwonder said:

The hotels will not sell well, to anyone, as most are on a land lease anyway. With no income, eventually the landlords will just take them back over. 

Don't you think that most of them have also bought the land with loans?
Are all landlord without debts to banks?

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On 6/6/2020 at 7:16 AM, 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...

I doubt it. Who do you want to sell to?

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15 hours ago, baansgr said:

Time to open a new Charlie's Hut

Charlie's Hut already opened a new Charlie Hut...:whistling:

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On 6/6/2020 at 2:11 PM, mr_lob said:

Sadly yes, and in many struggling parts of the World. China to the rescue!

China is asshoe!

Who sold their businesses to them in the first place? 

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Posted (edited)
On 6/6/2020 at 4:04 PM, ChipButty said:

If you wanna buy cheap wait until the bank has reprocessed   

Best of luck with that ,on our estate there is a house that at best is worth 12/14 million or was once . ,it was reprocessed by the bank 4 years ago ,its been reduced once ,now its for sale at 29 million . 

Edited by bert bloggs
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13 minutes ago, bert bloggs said:

Best of luck with that ,on our estate there is a house that at best is worth 12/14 million or was once . ,it was reprocessed by the bank 4 years ago ,its been reduced once ,now its for sale at 29 million . 

Thai banks refuse to sell assets below book value and also refuse to devalue assets from repossessions on their balance sheet. When a mortgaged property gets repossessed the bank loses the asset of the mortgage but gains the property, which will be valued at the mortgage amount. The result is that on paper the balance sheet doesn’t change and the bank does not have to write a loss. If the bank were the devalue a property due to market conditions, it would have to write a loss on it. So banks prefer letting property sit on their books indefinitely. The structure may get written off in 50 years, but the land it stands on never. 

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32 minutes ago, Gulfsailor said:

Thai banks refuse to sell assets below book value and also refuse to devalue assets from repossessions on their balance sheet. When a mortgaged property gets repossessed the bank loses the asset of the mortgage but gains the property, which will be valued at the mortgage amount. The result is that on paper the balance sheet doesn’t change and the bank does not have to write a loss. If the bank were the devalue a property due to market conditions, it would have to write a loss on it. So banks prefer letting property sit on their books indefinitely. The structure may get written off in 50 years, but the land it stands on never. 

And that is why any Thai bank can default overnight, although having an excellent balance sheets and passing every audit.

 

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On 6/6/2020 at 2:19 PM, Trentham said:

I first went to Koh Samui in 1984. Stayed at Lamai Beach in a bungalow with a palm frond roof. 50 baht per night for 2 people and another 50 baht each for 3 meals a day. It was magic. All the food was fresh caught in the sea or grown in their own garden. If I ordered a pina colada they would scramble up a palm tree to get a fresh coconut. Beautiful beyond words.

Yeh I went to "LamaiLamai" about the same time, well 1988, stayed right on the beach for 1 x GBP....

but that included breakfast I think !

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On 6/6/2020 at 6:16 AM, 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...

I,m sure they will double their money,should only take about 40 years.

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11 hours ago, sawadee1947 said:

 

But UK got an idiot as PM and adviser whereas Thailand.....made the right steps at the right time.

 

Like stopping all the Chinese tourists flooding in when corona became known?

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2 hours ago, kingdong said:

Like stopping all the Chinese tourists flooding in when corona became known?

Better than to ignore virologists and call covid a simple flu and enjoy another fathered girl in the meantime while still married. I'm talking about this fake as PM Bojo. 

 

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