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Patong - The Wake


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On 8/24/2020 at 9:24 AM, ChasingTheSun said:

Why are you claiming that Thailand is a “3rd world country”? 

"Thailand is classified as a developing country. Majority of Thai people work in agriculture sector. They hesitate to use the new technology, because they are not familiar with it. In developed country, technologies are the indicator of economic and people's wealth."

 

Why do you claim that Thailand has no significant property “rights”?

"Land ownership in Thailand is governed by the Land Code Act and under Thai land laws only Thai nationals are allowed to own land or have a confirmed right of possession of land. Foreigners may not own land unless there is a treaty or exemption allowing the foreigner to own land in Thailand (section 86)."

 

On 8/24/2020 at 9:24 AM, ChasingTheSun said:

 

In addition, why would you also claim that the many thousands of expats in Thailand currently living in houses/condos that they own (not paying rent on) are not “smart”?

Cannot answer for the individual

 

Plus, why do you believe that the millions of investors who have bought/sold foreign property(s) for real profits/income around the world are not “smart” either?

Don't know about the world markets, only reference I was replying to was Phuket.

 

 

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On 8/25/2020 at 7:51 AM, xylophone said:

 

 

Even as I write this, I hear rumours that there are plans afoot to build a huge bar complex in vacant land on Soi Sansabai....... 

 

2010 was the start...2014 with the demise of beach chairs/clubs it was clearly noticeable in the decline from then on.........from the small beer bar complex at the southern end of Patong Beach it was quite apparent things where not good, with less customers and more importantly less yearly regulars...

More bar complexes in Patong, well unless they sell Baijiu and allow gaming........

 

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47 minutes ago, ThePearl said:

"Thailand is classified as a developing country.

Yes, Thailand is a developing country. It is good you corrected your post, as Thailand is by no means a “3rd world country.” 
 

50 minutes ago, ThePearl said:

Foreigners may not own land

Correct. Many countries have similar rules against foreigners owning the land. Singapore is another example of that restriction. I believe New Zealand also banned foreigners recently as well. This is a negative that needs to be considered when assessing an investment In Thailand or Singapore etc. 

 

However, foreigners can own a minority 49% of voting shares of a condominium complex(or shares of a company buying a house with land) and they are entitled to a proportionate share of the underlying land value in the case of an enbloc sale of the condo complex in Thailand. Foreigners are also covered by all the other significant property laws that protect Thais.

 

57 minutes ago, ThePearl said:

Cannot answer for the individual

Correct, it is good that you now recognize that it is impossible to generalize the success/failure of anyone’s experience.

 

59 minutes ago, ThePearl said:

Don't know about the world markets, only reference I was replying to was Phuket.

That reply is a bit confusing because you originally claimed that “smart” people only invest in their own local market, implying that global property investors are not “smart”.

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1 hour ago, ChasingTheSun said:

<snip>

However, foreigners can own a minority 49% of voting shares of a condominium complex(or shares of a company buying a house with land

<snip>

Note that minority ownership of a company purchasing land is no longer a viable option for most foreigners.

 

This was a tactic employed for years where a lawyer or estate broker would enlist local Thais to act as nominee majority shareholders, without investing any money in the company. These nominees were typically university students paid a few thousand baht for the use of their name on the company documents, and were required to sign a resignation letter kept on file to be used in the future should the foreign minority owner choose to change nominees or sell the company.

 

At some point, 10 or more years ago, the government got wise to this ploy and announced that they would be conducting audits of companies with foreign minority shareholders that had purchased land. The audit would investigate the majority (Thai) shareholders to determine whether they had actually contributed the corresponding majority share of capital from their own funds. If no proof could be provided, the purchase of the land would be deemed illegal.

 

In reality, I don't know how many of these audits were performed but the threat of an audit scared off most potential foreign buyers looking to buy land, and this illegal ploy is now seldom used.

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4 minutes ago, DrDave said:

Note that minority ownership of a company purchasing land is no longer a viable option for most foreigners.

 

This was a tactic employed for years where a lawyer or estate broker would enlist local Thais to act as nominee majority shareholders, without investing any money in the company. These nominees were typically university students paid a few thousand baht for the use of their name on the company documents, and were required to sign a resignation letter kept on file to be used in the future should the foreign minority owner choose to change nominees or sell the company.

 

At some point, 10 or more years ago, the government got wise to this ploy and announced that they would be conducting audits of companies with foreign minority shareholders that had purchased land. The audit would investigate the majority (Thai) shareholders to determine whether they had actually contributed the corresponding majority share of capital from their own funds. If no proof could be provided, the purchase of the land would be deemed illegal.

 

In reality, I don't know how many of these audits were performed but the threat of an audit scared off most potential foreign buyers looking to buy land, and this illegal ploy is now seldom used.

Foreigners can still be minority corporate shareholders to buy land/houses. Nothing has changed with regard to that.
 

However, the use of “phony” Thai nominee directors as a way to get around foreign ownership rules has been illegal for many years. Some foreigners have/do buy land/homes using these Illegal structures, but there has always been talk of cracking down on them. Not sure if there was ever a real crackdown,  or if its just talk of such.

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3 hours ago, Patong2 said:

We are eager to get back to Patong and contribute some spending to the Patong economy. We usually eat out 2x day and frequent the odd bar etc.

We can get as far as Singapore at the moment but from then on it gets too difficult.

We would willingly self isolate in our leased apartment and have locals who are happy to deliver shopping etc to our door let alone any Uber delivery or whatever.

The problem is we can get as far as Singapore but cannot enter Thailand (Phuket).

Our ages make it difficult to get a travel insurance policy to cover for Covid-19 although we have insurance and adequate resources to cover hospital bills in Thailand for even the worst of events so we would never be a drain on Thai hospital budgets.

 

So what is the solution? How do we get to spend money with our local retail friends in Patong?

 

It is all in the Thai governments hands, make it simple for longer term tourists 2-3 months to come and also longer term semi-residents on other visas. Then a recovery will start with little risk to the locals.

 

 

 

You be highly welcome to transfer a huge donation over safely from abroad.. ????????

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driving thru 2nd road and beach road today, seems just about everything was closed, except maybe a few small shops and massage places ( are people really paying for massages nowadays?) Usually 7/11's are all open, but i see even them shutting down.

Bangla road might have people on weekends, no idea as i dont go out to Patong ever at night, but will that be enough for them to keep paying outrageous rents??

Central phuket had a fair amount of people today and when we left at 2 pm the car park seemed full of NON phuket cars.

 

Seems the grand opening for a few rich tourists to Phuket next month might be delayed.

SO thats it for this year

https://thethaiger.com/news/phuket/phuket-re-opening-to-be-postponed

 

I doubt they had 50 people signing up so this is a face saving move

Edited by zzzzz
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1 hour ago, zzzzz said:

Seems the grand opening for a few rich tourists to Phuket next month might be delayed.

SO thats it for this year

https://thethaiger.com/news/phuket/phuket-re-opening-to-be-postponed

 

I doubt they had 50 people signing up so this is a face saving move

I don't think they will have a problem getting people to come if they go ahead with the snowbirds plan. I would love to come, although with a few caveats:

 

Cheaper quarantine hotels.
A longer time visa to make it possible to stay for more than 90 days.
A cancel guarantee so I would not lose my money for the flight and the hotel if testing positive the day before leaving home.
I would not be amongst the first; I would wait to see what happens with the first batch.

 

Anyway, letting snowbirds in would probably not help Patong much. I guess most of us stay in other places than Patong. But it's a start.

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I believe if they open Phuket tomorrow with no restriction , the place will be absolutely full like last year...! This covid19 sure effected many people, but specially the poor, on the other hand the rich and many middle class on fixed salaries or pension , i.e. most tourists, are okay, in fact due to lockdown in their countries they have accumulated a nice sum and gagging to go out and spend, if they open up proper the surge of incoming will be much more than before...

 

But all this bull about 14 days restrictions and tests and so on will mean no chance of that, they made Thais so afraid they are scared of their own shadows, it all might come back and bite them on the ass one day - economically and via other social unrest...

 

 

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Drove about Patong yesterday. Noticed a few 7-11 and Family Marts shuttered up, some even cleared out of fittings. We have seen this in Kata and Karon a few months back. First time noticed in Patong.

 

Even the Kbank in Nanai Road cleared out of fittings. 

 

I can only see it getting worse. Domestic tourism just not working. Can't see real tourists arriving this year.

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On 9/7/2020 at 9:32 AM, Agusts said:

I believe if they open Phuket tomorrow with no restriction , the place will be absolutely full like last year...! This covid19 sure effected many people, but specially the poor, on the other hand the rich and many middle class on fixed salaries or pension , i.e. most tourists, are okay, in fact due to lockdown in their countries they have accumulated a nice sum and gagging to go out and spend, if they open up proper the surge of incoming will be much more than before...

 

But all this bull about 14 days restrictions and tests and so on will mean no chance of that, they made Thais so afraid they are scared of their own shadows, it all might come back and bite them on the ass one day - economically and via other social unrest...

 

 

<Snip>

i.e. most tourists, are okay, in fact due to lockdown in their countries they have accumulated a nice sum and gagging to go out and spend,"

 

'Accumulated a nice sum'...Good grief... :coffee1:

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26 minutes ago, billythehat said:

<Snip>

i.e. most tourists, are okay, in fact due to lockdown in their countries they have accumulated a nice sum and gagging to go out and spend,"

 

'Accumulated a nice sum'...Good grief... :coffee1:

What do you think happens to people money who receive a fix salary or pension month after month, and they can not go out to restaurant, bars, clubs, cinema, theatre, sports or any festival or music events, can't go on holidays or throw a party for various occasions, can't go out shopping and spend spend spend on useless purchases, like they usually do...!? 

 

 

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28 minutes ago, Agusts said:

What do you think happens to people money who receive a fix salary or pension month after month, and they can not go out to restaurant, bars, clubs, cinema, theatre, sports or any festival or music events, can't go on holidays or throw a party for various occasions, can't go out shopping and spend spend spend on useless purchases, like they usually do...!? 

 

 

Hmmmm...I note you don't have a firm grasp on the 'reality' thing. Maybe you're selling something; never mind, eh. 

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11 hours ago, billythehat said:

Hmmmm...I note you don't have a firm grasp on the 'reality' thing. Maybe you're selling something; never mind, eh. 

I was talking hypothetically, of course Thais are not about to let anyone in the country without restriction anytime soon, even the opposite, the so called Phuket Model trial is also postponed...!

 

You picked only a snippet of my post about "some" people having surplus cash and criticized it, I standby on that statement though, but of course the reality is economical situation in Patong and Phuket is bleak for the foreseeable future, no question...

 

Nevermind too.... ????????

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5 hours ago, xylophone said:

Have to agree with your comment BTH, and not really sure if people will have "accumulated a nice sum" because they still have to live in the country they are in, shops are open and they still have mortgages to pay along with all other expenses.

 

Not only that, even if the people were wealthy, I really don't see wealthy people spending huge sums of money to get to a place where they will have to spend 14 days in expensive isolation, and the majority of restaurants are closed, entertainment is non-existent and the place (Patong) in general is looking very dirty and dilapidated.

 

If I was wealthy and living overseas, I could surely find a beautiful place, much closer to home, with an abundance of good restaurants, fine wine and fantastic scenery, not to mention great beaches, in which to spend my money.
 

“Have to agree with your comment BTH, and not really sure if people will have "accumulated a nice sum" because they still have to live in the country they are in, shops are open and they still have mortgages to pay along with all other expenses.”
Yes, and that was the point being made. The wedged-up pensioners (gawd bless ‘em) will not be the saviours of Phuket or indeed Thailand.
 

“Not only that, even if the people were wealthy, I really don't see wealthy people spending huge sums of money to get to a place where they will have to spend 14 days in expensive isolation, and the majority of restaurants are closed, entertainment is non-existent and the place (Patong) in general is looking very dirty and dilapidated.”
Exactly.
 
“If I was wealthy and living overseas, I could surely find a beautiful place, much closer to home, with an abundance of good restaurants, fine wine and fantastic scenery, not to mention great beaches, in which to spend my money.”
That would rule out Eastbourne then. ????
 

So, let’s take a wee peep around the UK to suit the said requirements:
West country – beautiful but too many to many pesky tourists.
Wales – beautiful but full of the Welsh.
Scotland – stunning scenery but only 2 days sun per year.
West Midlands – no beaches but the curry options are endless.
London – you’d never know you were in England. I wouldn’t recommend it.
Hampshire – lovely and you can consider what many English claim as ‘going abroad’ when taking the ferry to the Isle of Wight. The Poles have found this island and now you can eat ‘continental’ in one of their restaurants. They serve a stew called Bigos which I’m told contains Bats & Bear; I haven’t yet tried this delicacy. Coloured sand beaches too.

 

Just a few there.

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