China’s capital controls are making a dent in the transfer of condo units in Thailand since Q2 2017.
For centuries, the Dragon (China) has been a symbol of good fortune and new beginnings. The dragon has been the main target for Thai real estate developers – advertising and business strategies have been switched and adapted to nurture the dragon. All rise for the dragon and acknowledge its power!
In the past few years, we have been heavily making offers to the dragon in the hope of receiving prosperity and blessings. The offerings we made have changed our landscape forever. Thailand seems to be a fertile breeding ground for the dragon with its beautiful climate, international cuisines and affordable accommodation options. Thailand is so much enchanted with the dragon that the service sector has been able to speak the dragon’s language within a short span of time … leaving the English language which is needed for academic and business enhancement far behind. ” All sectors have been benefiting from the dragon’s spending power – but dragons are not immortal. “ MARCIANO BIRJMOHUN is a property specialist basaed in Thailand.
But recently this dragon has been tempered – as Confucius would say, “To know what you know and what you do not know is true knowledge”
What we know is that the dragon has positive purchase power – willing to fly into new directions and lay its eggs in areas with no significant infrastructure yet. It’s reliable for bringing growth and foundation without too many questions asked. A dragon after all is a powerful creature with thick skin which does not bow down for anyone. All sectors have been benefiting from the dragon’s spending power – but dragons are not immortal.
What many don’t know is that since Q2 2017, hundreds of condominium units could not be transferred because the dragon’s eggs are not allowed to be laid and hatched by the mother dragon. Some Thai developers don’t dare to speak about the current issue, for obvious reasons. Their seemingly “sold out” projects would backfire – leaving them no choice other than placing them back on the market.
Perhaps the Garuda (Indonesia/Thailand/ Malaysia/Singapore) is a more stable symbol, offering protection and intelligence – a national honoured symbol that has been adapted in our constitution and cultures across the Indo-China Peninsula … remaining the second largest global property investor.