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      Check your foreign currency exchange rates against the Thai Baht with Bangkok Bank.

 

It is a good time to buy property in Thailand IF YOU HAVE EXPENDABLE CAPITAL ONLY. Bangkok Bank will lend only to elligilble business owners & property prices are now dropping due to the insecurity of the present economic situation; the US sub primen which hasn't really kicked in in Thailand as yet. This will mean even better bargains as people need to service loans and interest rates are climbing around 7.5% now. Not only this the cost of oil, fares, food to utilies is also climbing so its a buyers market or will be for foreigners who have that cash to buy. However only if you have the spare cash OK but don't look at condos as a cash earning venture unless you get a bargain from an outgoing expat etc. The worse hightmare will be the Management themselves in Thailand as many condo complexes have bad management and sinking funds are not used appropriately. Don't allow Estate managers to hold your titles as they change the circumstances not to your benefit anytime as well as use your titles for further collateral. When buying check out and talk to other owners in the building and especially about maintenance & other project\s the owner has. He/she may have over committed?? Thailand SET index has also been dropping as foreign investment is tending to shift to other countries. The situation with The Baht, and the USA and Japan's firm belief in defending the Yen,  won't change much from what it is. If anything perhaps few Baht swing only.  LAND AREAS: 1 rai = 4 ngarn = 400 wah2 = 1600 m2; 1 talang wah = wah2 = 4 m2; 1 acre = 2.53 rai & 1 ha = 6.25 rai 


To date foreigners may own

  - a unit in a registered Condominium

  - a building (as distinct from its land)

  - a registered leasehold of up to 30 years for all types of titled land (and/or buildings).

  - a company can purchase land and buildings 49% foreign shareholding but must carry out business as well.

  - more than 49% of a condominium unless done in Company form.

  - 49% max of land/ buildings in a company

  - 1 Rai of land if they invest 40m baht in Thailand.

  - Usufract Interest or (sidhikepkin)  allows a foreigner to have temporary ownership to certain things in Thailand. Its really limited to 30 years but can be renewed just like a lease.


However, a 30-year lease can be a good idea with right to renewal to a freehold purchase, or a Thai company (7 PARTNERS) can be established with Thai majority shareholders. Foreigners own 49% shares in the company buying land but we can assist you to make sure your company is safeguarded. Remember if you need advice check first before you commit yourself.

 



INVESTING IN CONDOS IN THAILAND

At the moment the Baht is back to 34 baht = $US1 is a good time to buy condos in Thailand for living only not renting. Be careful and check the background of where you are buying and if they have an effective Juristic Managemement Committee in place & the complex owners have good credentials; and the building are satisfactory. Some companies like a Japanese Company we know ( now partly owned by the large Saha Group but has no connection to this issue) have failed in their attempts to satisfy their buyers. The Japanese Thai company who owns Twin Peaks in Chiangmai will not assist owners of their newly built complex. This is perhaps the best developement in Chiangmai yet some of those investors (foreigners) have had little satisfaction in having problems remedied by the owner & remains the same. Problems like plumbing and not finishing the condos or abiding by the contract are some fo the issues and we understand some realties have not been paid their comissions.

The problem will be like many finance companies will find out, the customer or investor getting a bad deal from the owner or Company of the complex & subsequently goes into liquidity mode, cannot service payments to contractors & suppliers or changes its status as in the case of this Company selling shares out to another to overcome their problems. However the case has no changed at all and they are building more. Even contracts are not adhered to and to litigate can take 6-12 months at the very least. Now Condominium complexes must hard sell and look at the building costs going up monthly to cut even or to make a profit but don't listen to sales pitches thats there only 2 left etc-- if the complex stops you lose your money or most of it as by the time you take it to a Thai Court you may find the payments you made are taken up by Court costs and appearances plus legal fees. A case on the superhighway 2 condos were sold to Thai buyers under the impression that foreigners would flock to the new CBD new ofiice district. Many bought on this assumption & within 6 months 2 floors of owners could not service their payments & the condos are hard to even rent. To date there is no CBD office complex.

NEW ZEALAND FINANCE COMPANIES NO

DIFFERENT THAN WHATS HAPPENING IN THAILAND

In NZ the ninth and latest finance company collapse, that of Finance and Investments crashed in Sept 2007, has alarm bells ringing at the Securities Commission as the $16 million business had operated for more than 30 years without the regulator knowing it existed.
Finance and Investments, which is unrelated to an Eric Watson and Mark Hotchin-controlled company with a similar name, owes $16 million to 370 investors including $1.25 million to Nelson-based LDC Finance, which was placed in receivership on Tuesday owing 100 investors $19.3 million.Finance and Investments was structured as a partnership between Andrew Harding and Murray Scholfield, LDC's majority owners.It began financing vehicles in 1973 and most investors were Harding and Scholfield's friends and relations.While Finance and Investments' business was much like that of a finance company - it was principally a provider of hire purchase and vehicle finance - it did not have a prospectus and yesterday it was unclear whether it had issued any form of securities such as debentures or notes.
Bad loans, topped by Bridgecorp which failed owing $500 million.
National Finance 2000, fell over in May last yearand then Western Bay, collapsed so that should have sent bells ringing for investors to get their funds out of any Finance Company that was not afiiliated with a Bank.
 Five Star Consumer Finance became the third finance company in just over a week to be put into receivership. Five Star’s announcement came a day after NZAX-listed PropertyFinance was put into receivership owing debenture holders more than $80 million. Five Star Credit is part of a privately owned group of companies trading under the Five Star banner.
 LDC, the fourth finance company to collapse in a fortnight and the eighth in 16 months, was one of 66 companies to tell the Securities Commission last week that its prospectus was up to date and not misleading.
Nelson-based LDC Finance has gone into receivership after a run on its funds in the past few days, owing its 995 depositors and debenture holders $19.3 million. Its total finance assets are put at $23.8m. Nelson-based Finance and Investments has become the fifth finance institution to go into receivership in about a fortnight. The firm, which specialises in car finance, was placed in receivership on Wednesday 5 SeptemberThe Nelson organisation is a partnership and not related to Auckland finance company Finance & Investments Limited, which is controlled by Mark Hotchin and Eric Watson, who control Hanover finance. LDC, the fourth finance company to collapse in a fortnight and the eighth in 16 months, was one of 66 companies to tell the Securities Commission last week that its prospectus was up to date and not misleading???
Nathans Finance Ltd was placed into receivership, owing $166 million to around 6000 investors. This is the 6th company to run for broke.
Five Star Consumer Finance became the seventh finance company to fold in the past 18 months. It thought to owe $50 million to about 3000 debenture investors.
Property Finance said on Tuesday 28 August it had asked its trustee to appoint receivers. The company, which has debentures of over $80 million and loans of over $630m, reported on Friday it was in deep trouble and unlikely to be able to honour its debts. It is the sixth finance company in 15 months to collapse and the second in just over a week. Property Finance, formerly Avon Investments, reported in its 2007 annual report it had loans receivable of $412.6m, and cash or cash equivalents on hand of $109.2m. The accounts showed it had debt notes of $425.9m and debenture stock of $86.6m. Property Finance’s shares last traded at $1.10, having fallen from $1.38 in June. The company is capitalised at $15m. Last week, Nathans Finance was put into receivership with 6000 investors owed $166m.

WHY LEND TO FINANCE COMPANIES?
Many lend to high-risk borrowers because the borrower can’t get loans from regular banks at a much lower rate. Most are in the hire purchase game, with high lending rates, and can be said to be loan sharks. The current credit crisis in the US, Thailand and many other countries like NZ which has reverberated through financial markets around the world, was problems in the "subprime" mortgage market. Banks, finance companies and others lend to those are a less than prime risk - having undeclared income, bad track record, high risk business, or whatever. It’s a massive market in the US, valued at hundreds of billions, and even more than most markets is based on confidence. If lenders stop the flow of funds to these organisations, then things rapidly turn bad. Similarly, with finance companies in New Zealand. Requests to withdraw funds are being turned down for liquidity reasons, and most finance companies are not obliged to accept claims for early withdrawal except in the case of extreme hardship or death. If banks start to cut back lines of credit the situation could get even worse. Down the track, there is also a risk that property-related lenders could face the added pressures of a slowing housing market.

WHOSE TO BLAME?
The lenders or the investors? Well the investors lend because of greed really or naïve as to finance companies and what they do with that money. They prefer to get the best interest rate they can so they invest in finance companies like Bridgecorp NZ whose risk was known way back in April 2007 with a manager who had a no so good track record. They fail to see what might happen and when it does they blame everyone but themselves for 1-2% more interest than the banks give. Many investors had received poor financial advice and potential investors should ask more questions of their financial advisers before making investments. Remember too the sales rep is only after a commission so the idea is to lock you in. Many finance companies work on “paper money” buying into prime property then reassessing the value of and using this figure to hype the books to look good. So dummy you then invests because they now have a nice portfolio. Remember the 87 crash??? Don’t invest in finance companies as they will do what they think will make money but not all the time this works and certainly not at the moment in sub prime property loans.
Of the main 50 or so finance companies in NZ, only five have ratings from RBNZ-approved rating agencies Standard & Poor's, Fitch or Moody's.

REMEMBER IN USA ITS ALSO STARTED & THE SAME CAN HAPPEN IN THAILAND:

Countrywide Financial Corp, the largest mortgage lender in the US had to raise emergency funds of $US11.5 billion ($NZ17b) this week to reassure customers after a Wall Street analyst suggested it could end up in bankruptcy if the liquidity crunch sparked by rising mortgage defaults worsened. In Thailand situation the previous government gave money out to to anyone but the Banks have pulled the reins but this has allowed loan sharks to take over the vaccuum.Again too much money is allowed to too little safe and secure public who cannot no longer service their loans.

 

WHY INVEST YOUR MONEY IN A FINANCE COMPANY

TO A PERSON YOU DON'T KNOW THEN LOSE IT ALL

As more finance companies are going against the wall why are you investing and entrusting your life savings to a finance company. Finance companies undermine monetary policy with a cost advantage gained by attracting deposits from "illusionary" investors who do not realise they are lending money at rates too low for the risk they are taking. If this sector were subject to the same continuous disclosure obligations as listed companies the flow of discounted money into the property market would reduce, and cool that market.

Our advise don't invest in Finance Companies at all --buy some gold instead or wait as a bubble is starting to grow & control your money yourself. Buy the gold but put into your own bank at home (don' trust banks as they can fold too) & definitely not the sellers. Do not buy Gold certificates either.. Safeguard your fund yourself and do not entrust in a finance company who SAYS they have a portfolio too good to be true.
Too many finance companies show false "paper profits" that are basically reappraisals on land and property aquisitions.



 

WHY USE OUR SERVICES: 

  • We work for you (Both Thai & foreign consultants )
  • No hidden charges-everything is up front.
  • Guaranteed conveyancy help &  Company, work permit & land  setup for foreigners
  • We will sell your Commercial property, houses, businesses, bars and Guest Houses
  • Because you have the benefit of foreign help with our Thai lawyers and expat consultants
  • We offer: Full house onsite appraisals. Cost is 3000 baht for a house under 2 years old & 6000 baht for older houses ( plus travel if out of town ). This 5-6 page report is a must if you want to know what your house is really like which includes pics of repair work needed and we even do a air con survey (extra).

WHY USE OUR SERVICES: 

  • We work for you (Both Thai & foreign consultants )
  • No hidden charges-everything is up front.
  • Guaranteed conveyancy help &  Company, work permit & land  setup for foreigners
  • We will sell your Commercial property, houses, businesses, bars and Guest Houses
  • Because you have the benefit of foreign help with our Thai lawyers and expat consultants
  • We offer: Full house onsite appraisals. Cost is 5000 baht for a house under 2 years old & 6000 baht for older houses ( plus travel if out of town ). This 5-6 page report is a must if you want to know what your house is really like which includes pics of repair work needed and we even do a air con survey (extra).

BANGKOK REAL ESTATE Please go to : www.bangkokrealty.biz

[ THAI LAW HELP SERVICE ]:  We have many more properties. Just ask us. Let us broker your business or property. If we don't sell we don't charge you.  Selling or wanting to Buy a Guest House, Restaurant, Business, Bar or Office then just ask us. We do not charge you to find your business. We even guide you to the best deal & help you form a company, partnership, year visa, agreements, leases, accounting services, taxation etc right to offering you FREE hardcopy promotions if you use our services.

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N.B. Complete law services via our NEW Thai Lawyer partner . (re: Alien Business Law: NEC Announcement 281 Cat A prohibited to foreigners). However under the terms of our  Company License Asia Trading Post (Co Ltd)  provide : 1. Cat 34 lawyer services  &2.  Cat 35.consultancy services.

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