MEAGRE PROPERTY TRANSFER RULES: HAMPERING DEVELOPMENT

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