The Thai government is likely to shelve a plan to allow foreigners to own land for housing after the proposal drew fierce criticism. (Photo: thaipbsworld) Chayawut Chanthorn, Director of the Department of Land, said that Deputy Prime Minister Prawit Wongsuwon had approved the withdrawal of the Interior Ministry's draft regulation on land ownership by foreigners.
The draft regulation, which was approved in principle by the cabinet in October, allows four groups of well-to-do foreigners with a long-term resident visa to buy up to one rai of land for residential purposes, if they invest at least 40 million baht (over 1 million USD) in the country for at least three years.
However, the policy, which is aimed at attracting more foreign investments to the country, has drawn flak from critics who are concerned about many consequences, especially the risk of property speculation.
Chayawut said the Ministry of Interior submitted a petition to Prawit last week seeking to withdraw the proposal, and that Prawit endorsed the request on November 7 before it was forwarded to the cabinet's secretariat.
Meanwhile, Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow said if the public disagrees with the policy, the government will listen to their concerns./.
VNA
