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

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3 hours ago, kingdong said:

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

Fact is that there have been died only a few people in Thailand whereas almost 50.000 on this lost island. Some call it still Great Britain? Well, is it the empire of corona deaths?

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11 hours 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. 

Yes the land our houses stand on has gone up quite a bit in the 13 years we have lived here, but what the banks must have loaned to the guy owning this property was crazy if he owes 29 mill on the place ,it is very big and the land is large ,about two and a half times the size our house stands on ,but 29 million? jeepers.

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On 6/6/2020 at 2:47 PM, mickymouse1 said:

Give me an example of 1 resort/ hotel that is going cheap!!! I know few but not cheap as you might think.

Conversation in UK.

Paid £150,000 for the house, now the markets down and I had to sell quick I got £130,000

Conversation Thailand.

Paid 2,000,000 for the house, now the market is down and I need to sell it has been for sale at 2,500,000 for over 3 years and I haven't had one offer.

  • Haha 1

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2 hours ago, overherebc said:

Conversation in UK.

Paid £150,000 for the house, now the markets down and I had to sell quick I got £130,000

Conversation Thailand.

Paid 2,000,000 for the house, now the market is down and I need to sell it has been for sale at 2,500,000 for over 3 years and I haven't had one offer.

If you always sell at a higher price than you bought, you never lose 🙂

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8 minutes ago, XGM said:

If you always sell at a higher price than you bought, you never lose 🙂

I've seen houses in BKK that have fallen apart over time, in the humidity and heat it doesn't take long, with the same price on the sign. Call and make an offer and the answer is the same, no discount.

Selling for a bit less doesn't mean losing money, it means losing face.

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13 hours ago, overherebc said:

Conversation in UK.

Paid £150,000 for the house, now the markets down and I had to sell quick I got £130,000

Conversation Thailand.

Paid 2,000,000 for the house, now the market is down and I need to sell it has been for sale at 2,500,000 for over 3 years and I haven't had one offer.

Location?

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7 hours ago, khunPer said:

Location?

Anywhere in UK and anywhere in Thailand.  Why ask ????

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On 6/7/2020 at 10:05 PM, sawadee1947 said:

Fact is that there have been died only a few people in Thailand whereas almost 50.000 on this lost island. Some call it still Great Britain? Well, is it the empire of corona deaths?

Good posts,pity I can,t understand what you,'re on about.

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On 6/7/2020 at 12:00 PM, billd766 said:

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.

Thai labour laws states a "work" week is a max of 48hrs over 6 days.

 

So most likely 3 <deleted>s a day not 2.

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18 hours ago, overherebc said:

I've seen houses in BKK that have fallen apart over time, in the humidity and heat it doesn't take long, with the same price on the sign. Call and make an offer and the answer is the same, no discount.

Selling for a bit less doesn't mean losing money, it means losing face.

BTW If you go to buy a house in Japan you get high discounts and no one loses face, the problem is not face loss as another commentator rightly wrote, the problem is the banks that do not want put to lose on their books, idem for the hotel now.

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I can't think why anyone would buy a clearly unprofitable hotel for 10s of millions, unless it is money launderuing.

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2 hours ago, Henryford said:

I can't think why anyone would buy a clearly unprofitable hotel for 10s of millions, unless it is money launderuing.

Or a very rich individual or business group that can wait for a projected return.

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4 hours ago, Don Mega said:

Thai labour laws states a "work" week is a max of 48hrs over 6 days.

 

So most likely 3 <deleted>s a day not 2.

But overtime IS permitted though not necessarily paid.

 

The Thai guys I used to work with back in the 1990s regularly did a 50 hour week and sometimes more, but they did get paid for it, as I did.

 

The factory in the big village (closed at this time) used to work about 10 hours a day, 7 days a week.

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

In Pattaya it,s the Indians, buying up everything and just letting them sit there unused. All I can think of is money laundering. I went into one restaurant 4 times over 6 months and was told that the cook was not in !

he had an upset stomach.

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On 6/8/2020 at 4:05 AM, sawadee1947 said:

Fact is that there have been died only a few people in Thailand whereas almost 50.000 on this lost island. Some call it still Great Britain? Well, is it the empire of corona deaths?

Fact is that over the last 90 days about 90,000 people died in Thailand ! ... about 1,100 per day 365 days of the year, every year !

 

... if they die from Covid-19 or with Covid-19 or from whatever is just a matter of what you write into a statistic !

 

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