Thailand’s real estate recovery from pandemic slump hangs in the balance amid political uncertainty

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KEY DRIVER OF THAI ECONOMY

The real estate market is one of the key drivers of Thailand’s economy, contributing about 10 per cent to the country’s gross domestic product (GDP). 

Mr Phattarachai Taweewong, director of research and communications at Colliers Thailand, told CNA that “this is a wait-and-see moment”.

“Most developers delay their decisions. It is not the right time to launch new projects during the political vacuum. If the company launches a new project, there is a tendency the project will not reach its sales goal,” he explained.

He noted that listed companies and developers in the country had planned to launch numerous new projects in the first half of this year, but the political situation has driven them to adjust their targets.

“We had expected to see new condominiums being launched in the Bangkok Metropolitan area, of almost 45,000 new units. However, after the first half of the year, with the uncertain political situation, only 12,000 units of condominiums were being launched,” said Mr Phattarachai.

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Vietnam rushes to grow more rice as demand soars following India’s export ban

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He dismissed concerns that Vietnam could follow India to impose curbs on rice exports.

“Our domestic market consumes about 30 per cent to 50 per cent of the total rice that we produce,” he said. “So, export is a must.”

Rice is the most consumed staple food in the country, with each Vietnamese eating about 90 kilograms a year, according to official estimates.

The nation has exported nearly 4.9 million tonnes of rice in the first seven months of 2023, an almost 20 per cent jump year-on-year in volume. Export revenue totalled US$2.58 billion, up close to 30 per cent from last year.

MORE RICE BEING GROWN

More rice will soon be grown in the fields of the Mekong Delta region, with authorities aiming to ramp up rice production by about 200,000 tonnes this year.

The nation, which is the world’s third largest supplier of the staple, plans to export 7.8 million tonnes of rice in 2023, a 10 per cent increase from last year.

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Malaysia may sue Goldman Sachs over 1MDB scandal: PM Anwar

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Goldman did not immediately respond to a Reuters request for comment. The US bank has always denied wrongdoing in the 1MDB case. Malaysian and US authorities estimate some US$4.5 billion were stolen from 1MDB between 2009 and 2014, in a globe-spanning scheme that implicated high-level government and banking officials inContinue Reading

China’s new rules on AI-generated content

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Their software should not create content that contains “false and harmful information”. AI programmes must be trained on legally obtained data sources that do not infringe on others’ intellectual property rights, and individuals must give consent before their personal information can be used in AI training. SAFETY MEASURES Companies designingContinue Reading