“The idea is to help the real estate sector clear unsold stock, bring in new investment and value-added to the economy and improve the cash flow for the developers,” company president Somchai Soongswang said in a phone interview.
“Based on our statistics and observations, there is no problem in the housing sector per se, the issue is only in the condominium segment.”
Like most Asian economies ravaged by the Covid-19 pandemic, Thailand’s gross domestic product shrank every quarter this year in its worst recession, according to government statistics. That included a 12.1 per cent contraction in the second quarter, surpassing the slump during the Asian financial crisis in 1997. The government has forecast the economy to grow by 3.5 to 4.5 per cent in 2021.
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