"Candidate associates implicated in $2 Billion luxury condominium project"
Unfolding in Thailand: Crackdown on a Chinese-Controlled Land Captain Scheme
Thai authorities have taken action against a Chinese-led group suspected of acquiring 2 billion baht worth of land for a luxury condominium project in Rayong province. This operation, named "CIB Nominee Sweep EP.3," targeted four companies accused of using nominees to hide Chinese ownership.
The group managed to acquire 72 rai of land in Chonburi and Rayong to construct ten eight-story condominiums, with a total of 1,821 units exclusively intended for Chinese residents. Intriguingly, every stage of the project, from management to construction, was overseen by Chinese nationals.
In a press briefing, Pol Maj Gen Thatphum Jaruprat, chief of the Economic Crime Suppression Division (ECD), revealed that construction had already commenced on land plots in Rayong, allegedly acquired through nominees for Chinese investors.
Thai and Chinese directors/shareholders, supervising engineers, plumbers, and construction workers were among those charged in the crackdown that took place at three locations across Rayong and Chon Buri. Construction workers from China were discovered illegally working at the sites.
Authorities unveiled an intricate network of operations, including a concrete production facility to support the condominium project. A financial investigation revealed over 500 million baht in transactions linked to a Hong Kong-registered company.
The ECD confiscated seven land title deeds, 48 bank passbooks showing a combined balance of 72 million baht, various electronic devices, and other crucial documents during the raid.
The ECD will submit the land data to the Department of Land, which may require the companies involved to restructure their shareholding or sell the properties to Thai nationals. This case is part of a broader investigation, with authorities looking into additional nominee-linked projects following prior crackdowns in Phuket and Bangkok.
This case underscores the ongoing efforts to bypass Thailand's property ownership laws, which restrict foreign freehold land purchases. The operation demonstrates the collaboration between Thai authorities and the ECD in tackling such issues and enforcing regulations across various industries.
- The land plots in Rayong, allegedly acquired through nominees for Chinese investors, are part of a luxury condominium project in Rayong province worth 2 billion baht.
- The ECD will submit the land data to the Department of Land, which may require the companies involved to restructure their shareholding or sell the properties to Thai nationals, as part of a broader investigation that includes nominee-linked projects in Phuket and Bangkok.
- The operation in Rayong and Chon Buri involved Thai and Chinese directors/shareholders, supervising engineers, plumbers, construction workers, and even illegal workers from China.
- Authorities discovered an intricate network of operations, including a concrete production facility supporting the condominium project, as well as over 500 million baht in transactions linked to a Hong Kong-registered company, during the raid.
