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Sri Lanka Stops Foreign Land Ownership

Category: Real estate, Posted:25 Feb 2013 | 20:57 pm

In an abrupt move last week the government of Sri Lanka has announced a ban on land ownership for foreigners. This will cover both privately held property and state enterprises.
While the civil war ended three years ago and a rush of foreigners has taken up property, the government has said there has not been enough further investment via hard economic benefits. Much of the concerns is that early investors have been speculators and not those interested in developing significant businesses.
At the same time many foreign investors have been put onto the sidelines for much of last year over concerns about high inflation, weakening currency and rising interest rates.
A regime of long term leases is the governments apparent solution to the ban. The shifting policy is expected to put up another obstacle to foreign investment and may further dampen sentiment about the ongoing economic stability of the country.

Other News

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Patong Hotel Conversion For Banyan Tree’s New HOMM Brand

Category: Hotels, Posted:12 Jan 2022 | 08:00 am The 71-room Bliss hotel in Patong, Phuket has been converted to Banyan Tree’s HOMM brand. Banyan Tree is looking to fast-track expansion with three new brands a key strategy of conversions of existing hotels. The HOMM Bliss Southbeach Patong is the debut for the lifestyle-focused HOMM. Expect more announcements shortly on new Banyan Tree brands […]
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Three More Thailand Sandboxes Join Phuket On Tuesday

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Choice Brand For New Phuket Hotel

Category: Hotels, Posted:30 Dec 2021 | 09:37 am The new upscale Quality Resort and Spa Patong will open in early 2022. Quality is a brand under Choice Hotels International, and the property is operated under a master-franchise agreement with a third-party management group La Vie Hotels & Resorts. La Vie currently operates a number of hotels across Asia Pacific. With 88-rooms, the Quality […]