A Hong Kong resident lost $120,000 after a construction company in Phuket went bankrupt.

A specific law in Thailand regarding property transfer has resulted in Hong Kong resident Reda Abuhanin losing $120,000 after a developer in Phuket went bankrupt during the COVID-19 pandemic.

Attracted by the calm waters of Phuket and its potential as a tourist destination, Abukhanin, a Swiss citizen, bought an apartment in 2017 in a complex located close to the sandy beaches on the west side of the island. He conducted preliminary research and concluded that the developer appeared professional - they even provided a live stream for investors to monitor the construction progress.

He paid an upfront amount of $120,000 for an apartment worth $150,000, an investment he hoped to profit from in two years. However, in 2020, due to the pandemic, construction was halted and never resumed.

The Phuket-based company Blue Horizons Developers, which received several awards, was dissolved in mid-2020, leaving over 300 investors from various countries without their money or promised seaside resort homes. Due to property transfer laws in Thailand, Abukhanin lost all hope of getting his money back or seeing the completion of the construction after Blue Horizons lost the land to another Thai company.

“Everything is lost, my money that I worked so hard for.

Investors will have to work with the new landowner, and Abukhanin views this situation hopelessly. He must accept the fact that he is now the owner of an apartment in an unfinished building. However, the Swiss man hopes that his story will serve as a warning to Hongkongers investing in real estate in Thailand.