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Land sales in Thailand drop |
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 Hemaraj Land and Development Plc (HEMRAJ), Thailand's largest private industrial land developer, expects its 2009 land sales to slump by two-thirds of last year's figure, says president and CEO David Nardone. Hemaraj sold 1,621 rai of industrial land in 2008, but this year the company is targeting only 500 rai, because of the global downturn's impact on investment and industrial-land demand. Last year's land sales figure was a record for Hemaraj, as large companies in several industries sought to expand capacity to sustain their growth. Big buyers among its 60 land sales in 2008 included Suzuki Motor Corp, Bitumen, Thai Rayon and Nippon Steel. So far this year, though, most clients have been small-scale businesses. |