Foreign ownership activates heavy flak
The federal government is supposedly pulling back from its strategy to enable rich immigrants to buy as much as one rai of land for property functions in return for financial investments, after the proposition drew intense criticism.
Chayawut Chanthorn, director of the Department of Land, stated on Monday that Deputy Prime Minister Prawit Wongsuwon had actually authorized the withdrawal of the Interior Ministry’s draft policy on land ownership by immigrants.
The draft policy, which was authorized in concept by the cabinet last month, permits 4 groups of well-to-do immigrants with a long-lasting resident visa to purchase up to one rai of land for property functions, if they invest a minimum of 40 million baht in the nation for a minimum of 3 years.
Nevertheless, the policy, which is targeted at drawing in more foreign financial investments to the nation, has actually drawn flak from critics who implicated the federal government of “selling” the nation.
Mr Chayawut stated the Interior Ministry sent a letter to Gen Prawit recently looking for to withdraw the proposition, which Gen Prawit backed the demand on Monday early morning before it was forwarded to the cabinet’s secretariat.
” The ministry chose to withdraw the draft policy due to prevalent public issues and if the cabinet concurs with the choice, the ministry will take the possibility to examine it and choose if it will continue with or drop the proposition,” he stated.
According to Mr Chayawut, the ministry’s 2002 policy on land ownership by immigrants would stay undamaged if the revised policy was dropped.
Mr Chayawut’s remarks followed media reports that Interior Minister Anupong Paojinda would ask the cabinet to withdraw the draft policy on land ownership today.
Gen Anupong had actually informed your house of Representatives recently that the land policy might still be ditched if there were severe public issues.
A source at Federal government Home stated Prime Minister Prayut Chan-o-cha was deeply worried by the criticisms which it was extremely most likely that the draft policy would be dropped completely.
” If the cabinet concurs with the withdrawal demand, the Council of State will be notified and it will drop its evaluation [of the draft legislation],” stated the source. The Council of State is the federal government’s legal arm.
Under the suggested policy, rich worldwide residents, rich pensioners, those who wish to work from Thailand, and extremely experienced specialists or professionals can buy as much as one rai of land in Bangkok, the Pattaya town or any local location defined as a property zone.
Gen Prayut on Monday decreased to discuss the problem.
Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow stated on Monday that if the general public disagrees with the policy, the federal government will listen to their issues.
” If individuals feel uneasy about it and the policy needs to be withdrawn, so be it. The general public needs to take their time since it is simply a choice,” he stated.
Mr Supattanapong stated the federal government comprehended the general public’s issues and wants to make enhancements.
He likewise soft-pedaled issues about the effect of the policy U-turn, stating the federal government will do its finest to discuss the problem to foreign financiers.
On the other hand, residential or commercial property designers on Monday gotten in touch with the federal government to clarify the policies to avoid residential or commercial property speculation, as they thought the policy would benefit the economy.
Atip Peechanont, honorary chairman of the Real estate Company Association, stated on Monday the federal government must listen to criticism and make modifications to the land policy.
Pipat Luengnaruemitchai, primary economic expert at Kiatnakin Phatra Securities, stated on Monday the policy has advantages and disadvantages which the federal government need to weigh thoroughly.
Nevertheless, he stated the federal government needs to not focus entirely on rich immigrants or pensioners as these people are not completely investment-oriented.
