Members of the real estate industry in Myanmar are protesting against property transfer rules such as allowing property buyers to avoid declaring the source of their income by paying a 30 percent tax. They believe it has led to encouragement of money laundering, property speculation and increasing land costs, especially in industrial zones.
U KyawKyaw, the vice chairman of ShwePyitha industrial zone management committee, said speculation was hampering development. “Many of those buying land are not real industrialists,” said U KyawKyaw. “They are buying with the sole intention of re-selling at a higher price and the real industrialists are being priced out of the market,” he said