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Thais set to relax rules on property ownership

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Thailand plans to relax rules on foreign ownership of property as a way to help boost its ailing property sector, crippled by over-supply.

The deputy secretary-general to the prime minister, Poosana Premanoch, said the move would be part of a package to help soak up extra capacity in the market.

Inability to sell property has left developers unable to repay loans, unsettling Thailand's finance sector.

Mr Poosana said about 340,000 new condominiums remained unsold. 'We want to increase the purchasing power of the overseas market,' he said in Hong Kong.

The Thai government would make visas easier to obtain, give foreign companies the right to fully own condominium complexes, and lower the amount of cash foreigners needed to invest in Thailand to the right to buy land.

'Lots of foreigners want to buy land. Last year we had 750,000 applications,' he said.

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