Thailand tycoon’s property unit plots US$3.1 billion reopening bet

BANGKOK, July 17 (Bloomberg): The property and hotel development unit of Thailand’s richest man plans to invest at least 100 billion baht (US$3.1 billion) over the next five years to develop new shopping malls, hotels and office buildings, betting on pent-up demand once the pandemic subsides.

Asset World Corp.’s main project will be a mixed-use property development in Bangkok’s Chinatown, according to its Chief Executive Officer Wallapa Traisorat. It also plans to invest more at its Asiatique tourist-focused complex in the city, adding facilities including luxury hotels, she said.