Thailand scraps plan to allow foreigners to buy land ...Middle East

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Thailand scraps plan to allow foreigners to buy land
BANGKOK: Thailand is walking back a policy that would have allowed limited land ownership by wealthy foreigners, a government official said on Tuesday, after a public backlash against the plan.Earlier this year, the government announced the plan aimed at attracting investment from overseas, limiting foreigners to 1 rai (0.16 hectares) of land if they invest at least 40 million baht ($1.07 million) in securities or bonds for at least three years.Critics have argued the investment sum was too small and that the policy could drive up property prices, crowding out local ownership.“The interior ministry has withdrawn the proposal ... to listen to opinion from all parties so that it is comprehensi

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