Srettha denies ‘selling off’ the country

Changes intended to entice international funding are no about” selling land,” according to PM.

Srettha denies ‘selling off’ the country
( Photo: Arnun Chonmahatrakool )

Srettha Thavisin, the prime minister, refuted accusations made by critics on Tuesday that the government’s plan to increase the foreign ownership allotment in condominiums and extend the terms of their property leases amounts to” selling off the country.”

” It is about lengthy- term leases, certainly selling land. The prime minister said,” It has nothing to do with selling the country.”

Last week, the government mandated a study into the plan to increase the maximum share of foreign possession in apartments from 49 % to 75 %, and to increase property lease terms for immigrants from 30 to 50 years to 99 years.

It was not on the plan for Tuesday’s government meet. Interior Minister Anutin Charnvirakul stated that the Department of Lands is taking into account the policy’s benefits and drawbacks.

According to Mr. Anutin, the government needed to boost the economy, and the proposed adjustments would certainly benefit entrepreneurs. He continued, stating that the Thai people’s freedom may be respected while the Thai economy may improve.

A custodian senator, Somchai Swangkarn, wrote on Twitter that the ideas may be considered a probable conflict of interest.

House companies with connections to cabinet ministers, including Mr. Srettha, who was the programmer Sansiri Plc before he entered politics, may benefit.

Julapun Amornvivat, the lieutenant finance minister, even defended the idea.

The country of Thailand still remains intact, he said on Tuesday, “if the government raises condo restrictions for international buyers and extends the rental period on property for foreigners.”

Some people have expressed concern about the effects of the changes on real estate prices, but Mr. Julapun claimed that the issue was not with prices but rather with people’s ability to get loans.

Thailand is a global hub for foreign visitors thanks to a number of policies the present government has laid out to encourage investment, increase employment, and promote employment.

According to Mr. Julapun, the state also wants to entice highly skilled foreigners to work there.

Their voting rights would still be limited to 49 %, despite the government’s suggestion to increase the foreign ownership quota in condos to 75 %.

Local real estate professionals claim that the proposed 99-year extension of property rentals will attract more international investment.

The Department of Lands and different agencies, according to Issara Boonyoung, honorary chairman of the Housing Business Association, met with representatives from seven real estate organizations just to debate changes that may encourage foreigners to buy real estate.

He suggested fresh foreign ownership laws be applied carefully in areas popular with foreigners, quite as Bangkok, Phuket and Pattaya.

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

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

To deter debate, Mr. Sopon suggested that international customers may be prohibited from selling purchased condos for three decades.