Foreign condo ownership policy “conflict of interest”

A custodian senator warned that the government’s plan to allow up to 49 % of condo building products to be owned by foreigners could cause conflict of interest and stifle the prime minister’s office.

Somchai Swangkarn wrote on Twitter on Tuesday that there might be a conflict of interest as a result of the government’s plan to increase the percentage of foreign ownership of condominiums and expand the leasehold period for overseas properties from 50 to 99.

Home owners who have connections to government ministries, including Srettha Thavisin, would gain from it.

Mr Somchai said listed property developer Sansiri, a key person in the business, was owned by Mr Srettha’s home.

The custodian senator wrote that any government choice regarding foreign ownership of condominiums and property leases may be regarded as a conflict of interest, which was against the Constitution and against the Organic Act on Anti-Corruption.

Anutin Charnvirakul, the cabinet’s inside minister, reported last week that the plan had been ordered to be examined. It was not on the pantry plan for this week’s meeting. The policy’s benefits and drawbacks were being considered by the Land Department.

He claimed that the government needed to boost the economy and that the modifications that were suggested would certainly benefit entrepreneurs. The freedom of Thai individuals would become protected, along with the monetary stimulus, Mr Anutin said.

Sopon Pornchokchai, chairman of the Agency for Real Estate Affairs, said house rent times for immigrants were limited at 50 times in Cambodia, China, Myanmar and Vietnam, 30 years in Indonesia and 60 years in Singapore.

The proportion of foreigners ‘ ownership of condominiums was capped at 30 % in Vietnam, 49 % in Indonesia and 50 % in Malaysia, he said.

The coverage of the state posed the risk of international crime, money- laundering, financial manipulation and to regional security, he said.

Mr. Sopon also suggested that the government should set a minimum condominium purchase price of 10 million baht so that Thais with low and middle-class incomes can also purchase them.

In contrast, international consumers should be prohibited from selling purchased condos for three decades, to hinder speculation, he said.

Local home business professionals have been&nbsp, pressing for a change&nbsp, in the international rights cap, saying demand from foreign purchasers is on the rise.

Additionally, regional clients ‘ higher levels of household debt and tighter lending policies have been having an impact on the demand for homes. As a result, programmers have become more careful.