{"id":28781,"date":"2016-10-06T12:48:29","date_gmt":"2016-10-06T05:48:29","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/illegal-foreign-owned-property-in-yangon-must-cease-says-mp\/"},"modified":"2016-10-06T12:51:30","modified_gmt":"2016-10-06T05:51:30","slug":"illegal-foreign-owned-property-in-yangon-must-cease-says-mp","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/illegal-foreign-owned-property-in-yangon-must-cease-says-mp\/","title":{"rendered":"Illegal foreign-owned property in Yangon must cease, says MP"},"content":{"rendered":"


\nMyanmar\u00a0government official rails against foreign real estate\u00a0investors
\nYangon\u2019s downtown business district. Sean Pavone\/Shutterstock
\nThere are now \u201cover a hundred\u201d real estate businesses owned by foreigners in the Yangon Region of Myanmar this year and they are blatantly breaking the law, according to MP Win Maung of Hlaingthaya Township.
\n\u201cSince the country is inviting foreign investments for political and economic development, individual businesses are entering into Myanmar,\u201d he told Eleven Myanmar. \u201cSome businesses do not obey the existing laws and bylaws and take advantage of the country\u2019s weak rule of law and continue the legacy of corruption and bribery.\u201d
\nMore: What the lifting of US sanctions means for Myanmar\u2019s property market
\nHe cited the case of a foreigner in the township who rents out rooms to locals. \u201cWorst of all, some foreign investments use the names of Myanmar citizens even though the business is managed and run by a foreigner in reality,\u201d he added.
\nThe parliamentarian invoked the 1987 Law for Immovable Properties, which forbids the selling, leasing or transferring of property to overseas buyers.
\nUnder the Condominium Law passed this year, foreigners are legally allowed to buy units not exceeding 40 percent of a condo building. The policy does stipulate that foreigners are not permitted to \u201cmanage\u201d condos, raising questions whether they will be allowed to rent out units or not.
\nRead next: Myanmar marine tourism gaining luxury reputation
\n
\nSource : property-report.com
\nRead more…Illegal foreign-owned property in Yangon must cease, says MP<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Myanmar\u00a0government official rails against foreign real estate\u00a0investors Yangon\u2019s downtown business district. Sean Pavone\/Shutterstock There are...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-28781","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-7ud","jetpack-related-posts":[{"id":33701,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/myanmar-land-to-start-getting-some-action-with-new-law\/","url_meta":{"origin":28781,"position":0},"title":"Myanmar land to start getting some action with new law","date":"November 10, 2016","format":false,"excerpt":"\r Decades of leasehold at stake Panorama of developing Yangon. 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