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Real Estate

Ebbing Chinese money forces Thai property developers to think twice

Weak yuan discourages investors from buying condos, causing market downturn

Luxury apartment buildings under construction in Bangkok. Thailand's real estate sector was enjoying a boom until last year.   © Reuters

BANGKOK -- Thai residential property developers are being forced to rethink their project strategies as waning Chinese investment hurts market sentiment, with the sector having shrunk by 13% year-on-year in the first half of 2019.

"We are an aggressive company, but we need to be more careful," said Thitima Rungkwansiriroj, chief financial officer of Singha Estate. The developer, which is listed on the Stock Exchange of Thailand, has recently postponed a new condominium project located in a prime area of Bangkok. It was originally scheduled to launch in October, but the company is delaying it until February 2020.

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