South China Morning Post – Thailand’s tricky consignment law leaves Hongkonger with US$120,000 hole in his pocket after Phuket developer goes under during Covid-19
Since Phuket is popular with foreigners and attractive parcels of land are limited and are available at very high cost, it is not unusual for developers with insufficient funds to purchase land under consignment, splurge on marketing to attract investors and use their down-payments to pay off the cost.
Afterwards, the developer will seek a loan from a bank citing the number of reservations from investor.
Panisa Suwanmatajarn said in South China Morning Post.