as my target readership is friends and family i've decided to get this blog back on topic- my life here in asia. so future posts will focus more on local stuff and my personal experiences.
when i first moved here in 1999 thailand was still reeling from the
asian financial crisis. all over town stood buildings like the one on the left-hand side- construction that was halted due to debt issues. when the baht floated, it dropped in value from 25 baht to the dollar in january 1997 to over 53 baht to the dollar in january 1998. companies that had borrowed in dollars but received revenue in baht saw their debt double whereas income stayed the same, or in the case of the construction industry dropped as property valued rapidly declined.
since that time thailand has done a good job of restructuing it's non-performing loans (npls), and the economy has performed well in the past couple of years. the property industry has really picked up over the past 18 months or so, with halted construction being completed (such as the
central world tower) and new buildings like this very large one on sukhumvit soi 6 sprouting up.
some buildings in good locations, like this one next to the nana
skytrain station and the one at the corner of asoke and sukhumvit roads (a major intersection) remain 'abandoned'. i heard that a lot of the npls are still being worked through the court system and in the case of multiple owners and/or layers or ownership the procedures can drag on a long time- so good building sites like this one remain untouched while nearby new buildings are started.
you can see a line of traffic in this photo- every morning there is a long line of cars stretching far back into suhumvit soi 6. the new buildings will of course add to the problem. our new bangkok governor has promised (as have all the past governors) to address the traffic issue here. it's a very difficult job as the traffic issue touches so many industries and vested interests.
also visible is a line of street vendor carts, parked in the abandoned building's lot during the day to be taken out in the evening where the vendors sell their wares until around 10pm or so. one really has to wonder where they'll go when all of the abandoned buildings and vacant lots are filled up.
in the vacant lot on the right is some new worker housing that has been going up over the past few weeks. not certain but i suspect they are the workers for the soi 6 and soi 8 construction projects.
here are some workers playing the popular local game of
takraw- it's basically volleyball played with a rattan ball using only one's feet. goes without saying that one has to be very much in shape and flexible to play this game... i won't even attempt it!