Family business Thaksin's kin to step up real estate investment
Group companies acquire secure assets for the long term
Thaksin's younger sister Yingluck Shinawatra who manage SC Asset that is one of property arm of Thaksin
The Shinawatra family is plan
¬ning to expand its property business this year, though the realestate market is shrinking.According to a survey by The Nation, the second generation in the Shinawatra family had increased investment in the property sector and the stock market last year. However, family members, especially ousted prime minister Thaksin Shinawatra
's nephew, plan to further expand their business this year.The Shinawatra family's property and related businesses comprise 16 companies and one property fund worth several billion baht. Some of the companies are listed on the Stock Exchange of Thailand.
SC Asset Corp is the first proper
¬ty arm of the Shinawatra family. Thaksin's wife and two daughters hold a majority stake in it.SC Asset is managed by Thaksin's younger sister Yingluck Shinawatra. The company also holds a 99.99percent stake in three property compa
¬nies: OAI Asset, Upcountry Land and V Land Property.OAI Asset has a registered capital of Bt100 million and manages office buildings. Upcountry Land has a reg¬istered capital of Bt300 million and deals with property services and rentals. V Land Property, which has registered capital of Bt10 million, is a property developer.
SC Asset also has a 30percent stake in Asset Network Mutual Fund, which has registered capital of Bt2 billion.
Thaksin Shinawatra
's family still holds a major stake in six other prop¬erty companies. They are SCK Asset, PT Corp, Work Supply, OAI Education - which has invested in Shinawatra University - Pramaisuri Property and SC Office Plaza.Thaksin's sister Yowvares Shinawatra founded Shin Home in 2006. The company is now managed by her daughter, Chayika Wongnapachant.
Meanwhile, Thaksin's nephew, Piroon Shinawatra, has set up a jointventure firm, Dwell Development, with Nusasiri group to develop the condominium project D65 at Sukhumvit Soi 65.
Piroon also holds a 24.4percent stake in rehabilitation firm Thai Durable Group and plans to diversi
¬fy its business from garments into property development.Piroon also holds a 6percent stake in construction rawmaterial company General Engineering.
Property experts said the Shinawatra family
's business strategy is to accumulate land as it provides a secure asset for longerterm invest¬ment.The idea is to accumulate large amounts of undeveloped land at lower costs, giving the family an opportunity to develop residential projects or hospitality businesses in the long term.
However, this increases the pres¬sure on small and mediumsized developers, theexperts said.
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