In Thailand, 2,500 investors find themselves at a loss after the placement in a recovery plan of a Norwegian company through which they have invested in an attractive real estate program.
New Nordic Development (NND) has been placed under the protection of the commercial court since January 2021, officially because of financial difficulties linked to the coronavirus pandemic, reports
Le Parisien
.
Initially, the company offered investors, among whom are a majority of French, to acquire luxury apartments with sea views. Real estate that would then be rented to Chinese or Indian tourists, with an annual return of 10%.
"We are facing crooks"
Those interested had to pay cash for these apartments during the construction phase.
They were also promised a repurchase at 130% of the initial value after a period of seven years.
Problem: The coronavirus pandemic has severely reduced global tourism, including to Thailand.
“Officially, the Covid-19 is responsible for our ills.
But the truth is that we are facing crooks, ”said one of the investors who lost everything on a daily basis in Ile-de-France.
This sexagenarian had decided to sell his house in France to settle in Thailand, he had also invested 170,000 euros in two apartments of the NND program.
“My consumer credit continues to run.
I no longer have enough to support myself.
I'm going to have to go back to France to my old mother, ”he laments.
Faced with this situation, some investors are considering taking legal action against NND, but they do not know whether they should attack the company in France, Thailand or Hong Kong.
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