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Rich Thais keep realtors busy in slow economy
(MENAFN) Thai property developers are raising record funds in the domestic bond market to finance high-end residential projects in a stumbling economy that appears to have hurt all but the affluent.
Developers issued USD 1.55bn of bonds in the first half of this year, a record for a six-month period and equal to 74% of the debt sold by developers for the whole of 2014.
Raising funds from the debt market is much cheaper than bank loans despite the two cuts in the central bank's policy rate so far this year.
A sluggish economy has turned banks cautious about lending. Prime lending rates are at least 6.5%, compared with the 3.31% coupon on five-year bonds issued this year.
Developers issued USD 1.55bn of bonds in the first half of this year, a record for a six-month period and equal to 74% of the debt sold by developers for the whole of 2014.
Raising funds from the debt market is much cheaper than bank loans despite the two cuts in the central bank's policy rate so far this year.
A sluggish economy has turned banks cautious about lending. Prime lending rates are at least 6.5%, compared with the 3.31% coupon on five-year bonds issued this year.
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