November 29, 2013 / 4:12 AM / 4 years ago

Thailand's Amata cuts land sales target due to political tensions

BANGKOK, Nov 29 (Reuters) - Thailand’s largest industrial estate developer Amata Corp PCL said on Friday it has cut its 2013 land sales target by two thirds after some foreign investors slowed their investment as a result of the country’s political tensions.

The country’s political uncertainties have prompted 2-3 large customers to postpone signing land sales contracts until the first quarter next year, director and chief marketing officer Viboon Kromadit said in a statement.

The new land sales target this year was at 1,000 rais (160 hectares), down from an earlier 3,000 rais, the statement said.

Amata, which houses production bases for car maker BMW and tyre maker Bridgestone, is a bellwether for foreign investor sentiment towards Thailand. Japanese car makers are among its biggest clients. (Reporting by Khettiya Jittapong; Editing by Michael Urquhart)

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