Thailand: TRIS Rating reviews Thai residential development industry in 2009; In midst of global economic turbulence.

Section: Rating - TRIS Rating Co., Ltd., the Thai credit rating agency, announces today that the residential property developers in Thailand are expected to continue facing a sluggish property market in 2009. The slowdown will be particularly tense in areas of single detached houses and town houses, both of which have suffered a sliding demand trend since 2007. The number of new condominium projects is also expected to decline, suggesting the total number of new residential property in 2009 to be lower than a year ago. TRIS Rating believes that the gloomy residential property market is mainly due to an unfavorable economic condition haunted by deteriorating consumer confidence, declining investment projects, and vulnerable political situation. The economic recessions in the US and …