WHILE many foreigners are investing in Chonburi province, Indian and Chinese investors have channelled the most funds in buying up businesses in Pattaya to cater to their countryfolk holidaying at this seaside tourist city, Matichon newspaper quoted business people in this province as saying today (Feb. 27).
Indian investors bought up pubs and restaurants on Pattaya’s Walking Street before China lifted travel restrictions on Jan. 8, 2023 but their investment is not fully integrated as is the pattern of Chinese investors.
Chinese investors have started buying restaurants, three- to four-star hotels and pool villas in Bang Lamung area, Pattaya city and Jomtien beach. Their investment includes chartering tourists attractions to integrate as a comprehensive tourism venture to cater to Chinese tourists, these business sources said, adding that it is likely the zero-dollar tours will return.
The term refers to inexpensive package tours where tourists are encouraged, sometimes required, to buy overpriced products or services.
Mr. Meesak Chunharakchot, president of the Thai Real Estate Association, said Chinese people are continuously buying houses in Chonburi but not the whole project as in the past.
Some Chinese businessmen have invested in developing housing projects too to meet the demand of their countrypeople.
They have either invested directly or through Thai nominees but after the recent crackdown on grey businesses they have started stepping back.
Top: Pattaya looks beautiful on a sunny day. Photos: Tourism Authority of Thailand
Front Page: Pattaya Bay as seen from a hotel. Photo: Herry Lawford (CC BY 2.0)
Also read: Thai, foreign investors eager to buy hotels in Bangkok, major tourist cities
80 Immigration police to be quizzed on links to Chinese grey capitalists
Police zeroing in on nominees holding assets for Chinese grey capitalists
Court orders suspension of EIA for high-rise condo project
SC Asset confirms houses are only sold to Thai people