Popular Post rooster59 Posted September 12, 2020 Popular Post Share Posted September 12, 2020 Condo market devastated by pandemic - Chinese can't pay for their properties Image: Reuters A leading figure in the Thai property market told the media that the Covid-19 pandemic has devastated the condo market in Thailand. Dr Apha Atthaboonwong who heads a Thai condo association and is an executive at Richy Place in Charan Sanitwong, Bangkok said that the biggest problem is the almost complete lack of new foreign investors in the market. He said travel restrictions meant that 98% of potential buyers couldn't get to Thailand. Most of these were Chinese people from the mainland and investors from Hong Kong. Even those who had already bought units were unable to continue with payments due to problems in transferring funds as they couldn't get to Thailand. Channel 3 said that 10,000 units had only been partially paid for and instalments had ceased during the pandemic. In many cases 30% had been paid and 70% was due but not coming. Calls are being made for a government 5 billion fund to be established to help with loans for repayments to help condo developers who have cash flow difficulties due to the lack of inflows from foreign investors. Dr Apha also indicated that the domestic market for condos to live in would probably take one to two years to recover. Source: Channel 3 -- © Copyright Thai Visa News 2020-09-12 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates 3 1 1 12 Link to comment Share on other sites More sharing options...
Popular Post andre47 Posted September 12, 2020 Popular Post Share Posted September 12, 2020 ''Even those who had already bought units were unable to continue with payments due to problems in transferring funds as they couldn't get to Thailand. '' Why cannot transfer funds? 60 6 8 Link to comment Share on other sites More sharing options...
Popular Post holy cow cm Posted September 12, 2020 Popular Post Share Posted September 12, 2020 14 minutes ago, rooster59 said: Even those who had already bought units were unable to continue with payments due to problems in transferring funds as they couldn't get to Thailand. Huh? 9 1 2 Link to comment Share on other sites More sharing options...
Popular Post mommysboy Posted September 12, 2020 Popular Post Share Posted September 12, 2020 6 minutes ago, andre47 said: ''Even those who had already bought units were unable to continue with payments due to problems in transferring funds as they couldn't get to Thailand. '' Why cannot transfer funds? It's an excuse of course. The fact is even China is in dire economic straits (or its ordinary people anyway). 47 1 Link to comment Share on other sites More sharing options...
Popular Post Jack Mountain Posted September 12, 2020 Popular Post Share Posted September 12, 2020 Money cleaning involved, so no banktransfers? 64 8 6 Link to comment Share on other sites More sharing options...
Popular Post Orton Rd Posted September 12, 2020 Popular Post Share Posted September 12, 2020 so should be thousands of repossessions coming up and bargains to be had? 21 1 6 16 Link to comment Share on other sites More sharing options...
Popular Post CorpusChristie Posted September 12, 2020 Popular Post Share Posted September 12, 2020 18 minutes ago, rooster59 said: Calls are being made for a government 5 billion fund to be established to help with loans for repayments to help condo developers who have cash flow difficulties due to the lack of inflows from foreign investors. Hungry and homeless people should be a higher priority than people buying property 71 1 18 Link to comment Share on other sites More sharing options...
Popular Post jmccarty Posted September 12, 2020 Popular Post Share Posted September 12, 2020 (edited) 5 minutes ago, Orton Rd said: so should be thousands of repossessions coming up and bargains to be had? Plenty with some money in hand bought at very low prices during the Asian economic crisis in 1997. This was also due to a contagion. Edited September 12, 2020 by jmccarty 5 1 Link to comment Share on other sites More sharing options...
Popular Post AlfHuy Posted September 12, 2020 Popular Post Share Posted September 12, 2020 And still building everywhere. 24 1 1 1 1 Link to comment Share on other sites More sharing options...
Popular Post johng Posted September 12, 2020 Popular Post Share Posted September 12, 2020 6 minutes ago, jmccarty said: during the Asian economic crisis in 1997. There are still some unsold condos around from that time..its seems the banks just sit on them waiting and waiting for someone to come along and clear the debt + interest somehow avoiding writing it off as non performing loans. 14 1 Link to comment Share on other sites More sharing options...
Popular Post GeorgeCross Posted September 12, 2020 Popular Post Share Posted September 12, 2020 31 minutes ago, andre47 said: ''Even those who had already bought units were unable to continue with payments due to problems in transferring funds as they couldn't get to Thailand. '' Why cannot transfer funds? chinese are highly limited in the amount they can transfer abroad Quote Chinese citizens do have a limit on how much foreign currency they can convert or purchase per year — US$50,000 as of August 2019. If you're sending USD to China, the money can be counted towards that limit. The $50,000 a year limit also applies to money being sent out of China. so they have to get err creative in order to buy condos and things 15 1 1 Link to comment Share on other sites More sharing options...
Popular Post Puchaiyank Posted September 12, 2020 Popular Post Share Posted September 12, 2020 Thai logic...too many vacant condos...raise the price! 8 1 29 Link to comment Share on other sites More sharing options...
Popular Post Orton Rd Posted September 12, 2020 Popular Post Share Posted September 12, 2020 9 minutes ago, GeorgeCross said: chinese are highly limited in the amount they can transfer abroad so they have to get err creative in order to buy condos and things That is why the have agents for travel to arrange having an 'anchor baby' abroad, mainly in the USA. Baby will have USA nationality so future way to transfer money as well as other benefits. 8 2 Link to comment Share on other sites More sharing options...
Popular Post PatOngo Posted September 12, 2020 Popular Post Share Posted September 12, 2020 1 hour ago, rooster59 said: He said travel restrictions meant that 98% of potential buyers couldn't get to Thailand. Does'nt your heart just bleed for the poor Chinese! ???? 11 1 4 1 31 Link to comment Share on other sites More sharing options...
Popular Post onebir Posted September 12, 2020 Popular Post Share Posted September 12, 2020 1 hour ago, andre47 said: Why cannot transfer funds? - Owners facing cash flow problems in China? - Currency controls? 3 1 Link to comment Share on other sites More sharing options...
Popular Post JusticeGB Posted September 12, 2020 Popular Post Share Posted September 12, 2020 The Chinese have the zero dollar tours for a reason. Severe currency controls. They bring over cash to pay for their condos illicit cash. Same as the Russians in order to launder or make safe money from their respective Governments. 5 Link to comment Share on other sites More sharing options...
blackcab Posted September 12, 2020 Share Posted September 12, 2020 An off topic post has been removed. Link to comment Share on other sites More sharing options...
Pilotman Posted September 12, 2020 Share Posted September 12, 2020 well, well what a surprise; actually, to absolutely no one with any sense at all. 1 Link to comment Share on other sites More sharing options...
Popular Post Pilotman Posted September 12, 2020 Popular Post Share Posted September 12, 2020 1 hour ago, andre47 said: ''Even those who had already bought units were unable to continue with payments due to problems in transferring funds as they couldn't get to Thailand. '' Why cannot transfer funds? who cares? 2 1 4 Link to comment Share on other sites More sharing options...
Popular Post Pilotman Posted September 12, 2020 Popular Post Share Posted September 12, 2020 1 hour ago, AlfHuy said: And still building everywhere. well you can't fix stupid. 2 1 2 Link to comment Share on other sites More sharing options...
sungod Posted September 12, 2020 Share Posted September 12, 2020 1 hour ago, GeorgeCross said: chinese are highly limited in the amount they can transfer abroad That would explain why they are all 'at it' when they get here. Link to comment Share on other sites More sharing options...
Nout Posted September 12, 2020 Share Posted September 12, 2020 1 hour ago, andre47 said: ''Even those who had already bought units were unable to continue with payments due to problems in transferring funds as they couldn't get to Thailand. '' Why cannot transfer funds? Chinese government rules are very strict on currency exports. Link to comment Share on other sites More sharing options...
allanos Posted September 12, 2020 Share Posted September 12, 2020 Strict currency controls in China are the reason why the Chinese have to bring cash on their person to pay for their condo liabilities. They are now pouring money into Bitcoin, to get around the regulations. Bitcoin can be transferred instantaneously with only miniscule charges, or kept in a digital wallet of some kind until it needs to be used. Large purchases of Bitcoin in restrictive countries like China, Argentina and Turkey are helping to bolster the price. 2 Link to comment Share on other sites More sharing options...
Popular Post Nout Posted September 12, 2020 Popular Post Share Posted September 12, 2020 1 hour ago, johng said: There are still some unsold condos around from that time..its seems the banks just sit on them waiting and waiting for someone to come along and clear the debt + interest somehow avoiding writing it off as non performing loans. 'some'!....thousands you mean. Around Pratumnak there are hundreds of empty condos. Even people who have paid cannot keep up the service charges, taxes, maintenance fees etc...eventually go into default and are sold at a blind auction via City hall. 4 Link to comment Share on other sites More sharing options...
Baerboxer Posted September 12, 2020 Share Posted September 12, 2020 1 hour ago, andre47 said: ''Even those who had already bought units were unable to continue with payments due to problems in transferring funds as they couldn't get to Thailand. '' Why cannot transfer funds? I did read that China was restricting money transfers to foreign countries. I did wonder where all the customers were coming from for all these very expensive condos. 2 Link to comment Share on other sites More sharing options...
thaibeachlovers Posted September 12, 2020 Share Posted September 12, 2020 2 hours ago, rooster59 said: Calls are being made for a government 5 billion fund to be established to help with loans for repayments to help condo developers who have cash flow difficulties due to the lack of inflows from foreign investors. I'm sure they are rich enough to wait it out. Why should taxpayers help people that were only in it for the profit? Not like Thailand needs them, is it? 2 Link to comment Share on other sites More sharing options...
Popular Post wombat Posted September 12, 2020 Popular Post Share Posted September 12, 2020 1 hour ago, Orton Rd said: so should be thousands of repossessions coming up and bargains to be had? my crystal ball says there is gunna be some bargains around xmas time and beyond. 3 Link to comment Share on other sites More sharing options...
polpott Posted September 12, 2020 Share Posted September 12, 2020 1 hour ago, GeorgeCross said: chinese are highly limited in the amount they can transfer abroad so they have to get err creative in order to buy condos and things Correct many heavy suitcases coming over from China, going back empty. 1 Link to comment Share on other sites More sharing options...
Popular Post Guderian Posted September 12, 2020 Popular Post Share Posted September 12, 2020 It looks like there are going to be some property developers filing for bankruptcy before the year is out. We just need to figure out now which banks are the most exposed to them, and make sure your 800,000 Baht isn't in one of them. I wonder if Immigration would be understanding when trying to renew your retirement extension, "Sorry officer, I had the 800K Baht in my K-Bank account as you can see, but then the bank folded and I was left with nothing." Ugh! 4 1 1 Link to comment Share on other sites More sharing options...
Popular Post rvaviator Posted September 12, 2020 Popular Post Share Posted September 12, 2020 2 hours ago, andre47 said: ''Even those who had already bought units were unable to continue with payments due to problems in transferring funds as they couldn't get to Thailand. '' Why cannot transfer funds? Not so easy to get money out of China ... You need export license and lots of paperwork to do a bank transfer ... I am sure lots of people who buy Condos in Thailand from China just carry lots of cash in the past ... That in itself is a interesting proposition as the largest denomination you get in Chinese money is 100RMB ... That is 15US$ ???? 2 1 Link to comment Share on other sites More sharing options...
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