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Thailand backpedals on foreign land-ownership move after fierce public backlash
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The foreigner land ownership scheme would bring in a million qualified foreigners and yield one trillion baht in additional spending and taxes by 2026.
PHOTO: BLOOMBERG
BANGKOK - The Thai government has withdrawn a controversial proposal poised to allow wealthy foreigners to own one rai, about 1,600 sq m, of residential land in the kingdom, after public backlash and opposition to the move.
While touted as a shot in the arm for the sluggish Thai economy, the ministerial edict by the Interior Ministry has raised concerns about exacerbating the inequality of land ownership and fears that it could price locals out of the property market, said analysts.
