Small hotels in Phuket are yet to benefit from tourism recovery

13 Sept 23:54 Key points summarised by AI

Small hotels in Phuket face significant financial distress, lacking funds for crucial renovations post-pandemic, with banks reluctant to approve new loans, leading to numerous closures and legal disputes among consortium members.
Many small hotels operate without licenses due to stringent environmental laws, hindering their ability to receive state assistance despite repeated petitions to authorities.
While tourist numbers are increasing, the demographic has shifted, with visitors from Russia, India, Malaysia, Singapore, and parts of Europe/Middle East replacing pre-pandemic Chinese tourists, introducing new complexities like geopolitical preferences and currency issues.
Phuket's infrastructure development stalled during the pandemic, with critical projects like the Patong tunnel experiencing massive cost overruns and delays, further impacting the island's overall recovery and visitor experience.

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Today 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.