Thailand’s biggest manager of distressed assets is bracing for another difficult year in 2021, as the economy faces more headwinds from the pandemic.
Bangkok Commercial Asset Management Plc (BAM), which buys soured loans and real estate from distressed debtors, has seen property sales slow, chairman Bunyong Visatemongkolchai said in an interview. The firm is experiencing more difficulties in collecting repayments in its distressed debt business, he added.
The company’s net income in the first nine months slid 77% from a year earlier as restrictions due to the coronavirus hit the economic growth drivers of tourism and exports.
“Sales of our assets are very tough because people don’t have money,”…
