Chinese invited to Thailand

Chinese invited to Thailand

BANGKOK (AP): Thailand is wooing wealthy ethnic Chinese fleeing riots in Indonesia and other foreigners to take up legal residence in the country, with the price of admission 10 million baht (US$250,000) in investment.

Capt. Sirichai Tchasuriyanorakul of the Immigration Police confirmed yesterday that the little-known program, launched last July to raise money as Thailand's economy went into a tail-spin, has targeted Chinese fearful of turmoil in Indonesia, Hong Kong, Macau and Taiwan.

Thailand hopes to attract 5,000 new permanent residents through the program, though first-year results have been well under target. Only 106 people have applied, of which a mere 52 have been granted permanent residency.

Those approved can pay the entry fee by either buying stocks and shares, purchasing a condominium, buying Thai government bonds, or depositing the money with the central bank in certificates of deposit.