Southeast Asia’s rich buy sky garages while the middle class lose their homes
As wealthy buyers seek penthouses with living-room supercar parking, struggling families battle banks to keep a roof overhead
Daniel Ho’s clients want the best money can buy: branded residences and glass-wrapped penthouses complete with panoramic views and high-rise parking spots fit for supercars in the elite enclaves of Bangkok, Jakarta, Kuala Lumpur and Manila.
A world away, or so it seems, mid-level asset manager Charoen Kijvekin sees a very different reality playing out. His clients are debt-stricken Thais trying to claw back repossessed homes from auction and families on the bottom rung of the property ladder clinging to dreams of ownership.
“Most of my customers have lost their jobs,” said Charoen, 68, whose JZD Asset Management provides cheap loans to people the banks have turned away.
“If they can’t keep up with payments, the bank will repossess their homes. That’s when they come to me.”
His business model is built on buying repossessed homes at auction and selling them back to their former owners, offering loans at an interest rate he says undercuts most banks.
