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Bangkok Post, Thailand, Business Briefs Column.
Aug. 6--DEVELOPER'S PLAN WOULD REPAY BUYERS: The proposed rehabilitation plan of Property Perfect allows for full repayment to buyers of the company's housing projects as well as trade creditors, according to Asian International Planner Co.
The planner said creditors would consider the rehabilitation plan by the end of August, with approval likely as creditors would be almost fully repaid over a reasonable period.
Property Perfect has been working for two years to restructure debts totalling 10 billion baht, about 30 percent of which is owed to foreign creditors.
The planner said that while the company was not in a position to make full repayments to every creditor, the proposed plan was based on fair assumptions, with creditors to be repaid by proceeds from operations, some debt-equity conversions or asset transfers.
In particular, it said that home buyers, including those who had not filed for compensation, would receive full repayment of the principal amounts of their deposits.
BANGKOK CONDO SALES RISE 60 PERCENT: Condominium sales in the first half of the year totalled 1,073 units in six main Bangkok areas, an increase of nearly 60 percent from the second half of last year, according to property developer Sansiri Plc.
The Rama III area had the highest growth, with 653 units sold. The inventory of condo units in the six areas was around 3,500 units at the end of June.
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