Thread: Illegal Chinese investment suspected in 6 Chiang Mai property projects

Police have begun cracking down on Chinese investment groups using Thai nominees to buy real estate in Chiang Mai.
Initial investigations uncovered six plots of land in the northern province suspected of being bought illegally by Chinese investors to build complexes, Deputy National Police chief General Surachet Hakparn told reporters on Wednesday.


Surachet spoke after meeting with officials from the provincial land office, immigration police, and local administration organisations following allegations that Chiang Mai land and real estate is being bought by Chinese companies using Thai nominees to avoid taxation under the Foreign Business Act of 1999.

“We discovered that these plots had been bought to build complexes for Chinese residents and education institutes, to grant student visas for Chinese migrants,” he said.


Police were now investigating the buyers’ financial and tax records, he added.


Surachet is overseeing a separate investigation into Chinese and other foreign criminals paying for student and volunteer visas so they can operate in Thailand. A total of 110 immigration officials including three police generals are suspected of involvement in issuing illegal student/volunteer visas to Chinese nationals.

The Real Estate Trade Association of Chiang Mai reported last month that Chinese investment groups registered with Thai nominees have been buying up properties in luxury housing projects and then selling them to Chinese nationals for profit. Since these companies are 100% Chinese-owned and perform transactions online or in China, they do not generate any income for the Thai government, it said.


Chinese nationals now own around 1,000 properties worth at least 3 million baht in the city, accounting for a total 5 billion baht of real estate, the association said.


Districts popular with Chinese buyers are Hang Dong, San Kamphaeng, San Sai, and Mae Rim, according to the association’s survey.


Police warn that any company caught using nominee shareholders faces a fine of up to 1 million baht, plus 50,000 baht per day until the issue is fixed. The company’s director and nominees are also punishable by a maximum fine of 1 million baht, up to three years in prison, or both.


Illegal Chinese investment suspected in 6 Chiang Mai property projects

Originally Posted by david44

In the long tradition of European colonists who were even sharper, Peter Stuyvesant got Manahttan for some beads, most of lands taken in Africa, Latin America was not even purchased, the USA to its credit bought the Louisiana purchase perhaps the best real estate deal in history and later Alaska (you can almost see Sara Pailn from there)

I am in no way excusing Europeans for their history. However, I do not want to see done to a country I love what has previously been sadly done to others. The Thai's and their establishment, need to be real careful on this one. China's ultimate aim in all of this is the Kra canal. They are slowly eroding away at the Thai status quo. Around Sutthisan MRT Station there are now road signs in Chinese, drip drip drip.....

Originally Posted by Bogon

^ Too late I reckon.

by about 100 years, this is just the second wave and lets face it the Chinese politicians and businessmen that own and run thailand won't care about the little men just as they haven't for he past 50 years of Chinese rule

Well, that didn't take long.

Thai PM Orders Probe into Chinese-owned Samanea Plaza

10 Mar 2023

Thai PM Orders Probe into Chinese-owned Samanea Plaza