According to preliminary investigations, six land parcels in the northern province are thought to have been illegally purchased by Chinese businessmen for the purpose of constructing complexes, General Surachet Hakparn, deputy national police chief, told reporters on Wednesday.
Following allegations that Chinese companies are allegedly purchasing land and real estate in Chiang Mai using Thai nominees to avoid paying taxes under the Foreign Business Act of 1999, Surachet addressed the audience after meeting with representatives from the provincial land office, immigration police, and local administration organizations.
Suspected illegal Chinese investment in 6 real estate developments in Chiang Mai
We found that these sites had been purchased in order to construct complexes for Chinese inhabitants and educational facilities, allowing Chinese migrants to obtain student visas, the man claimed.
He stated that police were currently looking into the buyers’ tax and financial records.
A second investigation into Chinese and other foreign criminals who pay for volunteer and student visas in order to operate in Thailand is being led by Surachet. 110 immigration officers, including three police generals, are allegedly involved in giving Chinese nationals unauthorized volunteer and student visas.
Suspected illegal Chinese investment in 6 real estate developments in Chiang Mai
Chinese investment firms registered with Thai nominees have been buying up homes in luxury housing projects and then selling them to Chinese nationals for profit, according to a report released last month by the Real Estate Trade Association of Chiang Mai. It claimed that because these businesses are wholly controlled by Chinese citizens and conduct their business online or in China, they do not bring in any revenue for the Thai government.
According to the group, Chinese nationals now possess 1,000 properties in the city that are each valued at least 3 million baht, totaling 5 billion baht in real estate.
According to the association’s survey, Hang Dong, San Kamphaeng, San Sai, and Mae Rim are popular areas among Chinese purchasers.
Any business found using nominee shareholders faces a fine of up to 1 million baht, plus further 50,000 baht day until the problem is resolved, according to the police. The director of the company and any candidates are also subject to a maximum fine of one million baht, a maximum sentence of three years in prison, or both.
