Property firms are lining up to apply for Board of Investment (BoI) tax privileges on construction of residential projects - benefits that could help them reduce costs by 5 to 6 per cent, industry analysts said.
Preuksa Real Estate director and chief operating officer Prasert Taedullyasatit said that following the BoI's implementation of more generous qualification criteria, the company had applied for tax privileges on 21 projects worth Bt5 billion. Most are townhouse projects.
Currently, the company has 17 BoI-supported residential projects. Combined with the projects for which applications are pending, that rises to 38 residential projects out of the firm's 105 in total.
Prasert added that if the BoI agreed to relax the criteria to include mixed-condominium projects, which would have one section comprising at least 50 units priced at not more than Bt1 million per unit, with the rest of the condominium units priced above Bt1 million, the company might submit applications for its condo projects to receive BoI tax breaks.
LPN Development managing director Opas Sripayak said the company would be interested in applying for BoI support, especially on condominium projkects, if the BoI relaxed the rules to include mixed projects.
"If the BoI relaxes the rules, we have products that would meet the criteria. This would help us cut costs by between 5 and 6 per cent," he said.
The BoI announced new regulations for property developers seeking tax support on June 10. They feature revised prices and space requirements to match the country's current economic environment.
The new regulations require property firms who want tax privileges on single-detached houses or townhouses to set a price of not over Bt1.2 million per unit, up from Bt600,000 per unit, and utilise space of not less than 70 square metres. In addition, the project must feature not less than 50 units, down from 150 units.
Condominium projects priced at not more than Bt1 million per unit and with not less than 28 square metres of utilisation space now qualify for support, down from 31 square metres. In addition, the project must feature not less than 50 units.
Developers who earn BoI privileges will have corporate income tax waived for five years if they build the projects in Zone 1 (Greater Bangkok) and for eight years if the projects are in zones 2 or 3, which are in the provinces.
Zone 1 covers Bangkok, Samut Prakan, Samut Sakhon, Pathum Thani, Nonthaburi and Nakhon Pathom.
Zone 2 covers Chon Buri, Chachoengsao, Samut Songkram, Nakhon Nayok, Saraburi, Ayutthaya, Ratchaburi, Angthong, Suphan Buri, Kanchanaburi, Phuket and Rayong.
Zone 3 covers the remaining 58 provinces and Lam Chabaeng Industrial Estate.
According to the BoI's records, from 2000 until March 2009, tax privileges were sought for 185 residential projects worth several hundred billion baht.
Since the announcement of the new criteria, the board has received applications for tax privilages for 258 residential projects with a combined investment value of Bt1.8 billion, comprising 8,500 units.
Sunday, August 23, 2009
Foreigners "own 90% of Phuket beach land"
About 90% of beach land in Phuket is controlled by foreigners through Thai nominees, a leading research body has found.
A similar situation exists in other prime tourism destinations in provinces such as Chiang Mai and Rayong.
Local officials and legal experts have helped clear the way for foreign investors to take control of the country's rice farms and property in resort provinces, according to research on foreign land ownership by the Thailand Research Fund.
TRF called a seminar on the research findings yesterday attended by economics and legal scholars.
There recently has been speculation that foreign businessmen, particularly from the Middle East, were snapping up rice fields in the central plains and elsewhere through proxy local companies.
Transnational business consortiums were said to be holding the land through Thai nominees, which is against the law.
Some farmers are leasing land they previously owned but have since sold to the foreigners' proxy firms, observers said.
Siriporn Sajjanont, from the economics faculty at Sukhothai Thammathirat Open University and a member of the research team, said the study showed many kinds of property had been bought by foreigners through Thai nominees.
"About 90% of land along the coastline in Phuket is controlled by foreigners through Thai nominees," she said.
Foreign investment capital was essential for developing Phuket and Samui, as Thais do not have enough money to invest themselves, Ms Siriporn said.
The coastal areas most sought after by foreign investors were Pattaya in Chon Buri, Koh Phangan and Koh Samui in Surat Thani, Phuket and Hua Hin in Prachuap Khiri Khan.
In Chiang Mai, foreigners had used legal loopholes to exceed the limit on sales of condominium units, Ms Siriporn said.
There was evidence they hold the property through Thai nominees by marrying Thais. In some cases, Thai women were asked to register the foreigners' property in their own names.
The study found similar problems in Rayong involving foreign landholdings through Thai nominees with foreigners marrying Thais.
In some land lease cases, the period of leasehold was unusually long, Ms Siriporn said. The study found that some lease contracts stated the leasehold was "for life".
Land ownership by foreigners had been made possible by their Thai lawyers who had found legal loopholes to clear the way for foreigners to take control, the research found.
Village heads also had acted as land brokers to arrange sales of state land given to local people so they could make a living, the panellists said.
Village heads were close to residents and knew which prime land was available.
Some legal entities had been set up with 51% of shares held by Thais,although those Thais turned out to be mere legal advisers for foreigners and had no power to run the legal entities, Ms Siriporn said.
"We also found the same people had set up many entities," she said.
Some entities' regulations on shareholding structures allowed foreign shareholders more power than Thais in running those entities.
Col Surin Pikulthong, president of the Community Organisations Development Institute, said he had received information that Hmong people in the US had provided financial support for Hmong in Nan province to buy land and grow rice for shipment to the US.
Silaporn Buasai, vice-president o f the institute, said she had heard that investors from Taiwan had bought land here for growing oranges to be sold in Taiwan.
Wichian Phuanglamjiak, vicepresident of the Thai Rice Growers'Association, said rice farmers held additional information on land grabs by foreign investors.
He said the problem had remained unaddressed for too long and no state agency had taken the matter seriously.
Mr Wichian said farmers were pinning their hopes on the Department of Special Investigation to pursue the matter.
DSI investigator Pakorn Sucheevakul on Saturday said the agency was investigating four Thai companies in Ayutthaya which own rice farms of almost 10,000 rai.
Malee Antasin,59, a farmer in Ayutthaya's Bang Ban district, said businessmen had bought many plots in her village since 1995.
She said she had felt "besieged"and pressured to sell her rice plot as her land had been enclosed by other plots owned by those investors. She was now taking the matter to court.
A similar situation exists in other prime tourism destinations in provinces such as Chiang Mai and Rayong.
Local officials and legal experts have helped clear the way for foreign investors to take control of the country's rice farms and property in resort provinces, according to research on foreign land ownership by the Thailand Research Fund.
TRF called a seminar on the research findings yesterday attended by economics and legal scholars.
There recently has been speculation that foreign businessmen, particularly from the Middle East, were snapping up rice fields in the central plains and elsewhere through proxy local companies.
Transnational business consortiums were said to be holding the land through Thai nominees, which is against the law.
Some farmers are leasing land they previously owned but have since sold to the foreigners' proxy firms, observers said.
Siriporn Sajjanont, from the economics faculty at Sukhothai Thammathirat Open University and a member of the research team, said the study showed many kinds of property had been bought by foreigners through Thai nominees.
"About 90% of land along the coastline in Phuket is controlled by foreigners through Thai nominees," she said.
Foreign investment capital was essential for developing Phuket and Samui, as Thais do not have enough money to invest themselves, Ms Siriporn said.
The coastal areas most sought after by foreign investors were Pattaya in Chon Buri, Koh Phangan and Koh Samui in Surat Thani, Phuket and Hua Hin in Prachuap Khiri Khan.
In Chiang Mai, foreigners had used legal loopholes to exceed the limit on sales of condominium units, Ms Siriporn said.
There was evidence they hold the property through Thai nominees by marrying Thais. In some cases, Thai women were asked to register the foreigners' property in their own names.
The study found similar problems in Rayong involving foreign landholdings through Thai nominees with foreigners marrying Thais.
In some land lease cases, the period of leasehold was unusually long, Ms Siriporn said. The study found that some lease contracts stated the leasehold was "for life".
Land ownership by foreigners had been made possible by their Thai lawyers who had found legal loopholes to clear the way for foreigners to take control, the research found.
Village heads also had acted as land brokers to arrange sales of state land given to local people so they could make a living, the panellists said.
Village heads were close to residents and knew which prime land was available.
Some legal entities had been set up with 51% of shares held by Thais,although those Thais turned out to be mere legal advisers for foreigners and had no power to run the legal entities, Ms Siriporn said.
"We also found the same people had set up many entities," she said.
Some entities' regulations on shareholding structures allowed foreign shareholders more power than Thais in running those entities.
Col Surin Pikulthong, president of the Community Organisations Development Institute, said he had received information that Hmong people in the US had provided financial support for Hmong in Nan province to buy land and grow rice for shipment to the US.
Silaporn Buasai, vice-president o f the institute, said she had heard that investors from Taiwan had bought land here for growing oranges to be sold in Taiwan.
Wichian Phuanglamjiak, vicepresident of the Thai Rice Growers'Association, said rice farmers held additional information on land grabs by foreign investors.
He said the problem had remained unaddressed for too long and no state agency had taken the matter seriously.
Mr Wichian said farmers were pinning their hopes on the Department of Special Investigation to pursue the matter.
DSI investigator Pakorn Sucheevakul on Saturday said the agency was investigating four Thai companies in Ayutthaya which own rice farms of almost 10,000 rai.
Malee Antasin,59, a farmer in Ayutthaya's Bang Ban district, said businessmen had bought many plots in her village since 1995.
She said she had felt "besieged"and pressured to sell her rice plot as her land had been enclosed by other plots owned by those investors. She was now taking the matter to court.
Land-tax draft could cost politicians their vote bases
The proposed land and building tax is raising concern among the government's political advisers that passage could undermine popular support, particularly among low-income groups.
A Finance Ministry official said the new law could also be derailed by MPs wary about the personal impact on their own landholdings if the tax is implemented.
The annual tax is set at a maximum 0.5% of the value of land and buildings for commercial properties,0.1% for residential properties and 0.05% for agricultural properties. Actual tax rates will vary by jurisdiction, and be set by local administrative bodies. Taxes are designed to increase sharply for undeveloped properties, while waivers will be offered for low-income groups.
The Finance Ministry argues that the new law will encourage landowners to develop their properties, encourage greater social equality and support a broader goal for communities to take greater responsibility in setting development policies.
The Democrat-led government has indicated that it wants to approve the draft law and bring it before Parliament by the end of the year. The draft calls for a two-year grace period before imple-mentation, after which rates will be set at just 50% for the first year and 75% for the second year before rising to the full tax rate in the third year after the grace period expires.
A Finance Ministry official said the new law could also be derailed by MPs wary about the personal impact on their own landholdings if the tax is implemented.
The annual tax is set at a maximum 0.5% of the value of land and buildings for commercial properties,0.1% for residential properties and 0.05% for agricultural properties. Actual tax rates will vary by jurisdiction, and be set by local administrative bodies. Taxes are designed to increase sharply for undeveloped properties, while waivers will be offered for low-income groups.
The Finance Ministry argues that the new law will encourage landowners to develop their properties, encourage greater social equality and support a broader goal for communities to take greater responsibility in setting development policies.
The Democrat-led government has indicated that it wants to approve the draft law and bring it before Parliament by the end of the year. The draft calls for a two-year grace period before imple-mentation, after which rates will be set at just 50% for the first year and 75% for the second year before rising to the full tax rate in the third year after the grace period expires.
SPRINGTIME FOR HOUSING MARKETS
After a very weak first three months of this year,local demandis spurring sales of condos in Bangkok and other Asian cities By Nina Suebsukcharoen
After 12 months of significant change in global property markets, the green shoots of recovery are now appearing around Asia, but it is local buyers rather than international investors who are driving the markets forward, says James Pitchon, executive director of CB Richard Ellis (CBRE) in Thailand.
This welcome improvement in Asia comes after very poor lending practices in US residential property market triggered the global problems. Prices fell dramatically in some markets, such as Spain and the US. In Asia,it was Singapore that was worst affected by dwindling values - mainly because it had witnessed steep price increases.
"But one characteristic throughout Asia has been that locals are buying in their own market - Vietnamese are buying in Vietnam,Thais are buying in Thailand and Shanghainese in Shanghai so that is the Asian theme,"said Mr Pitchon.
Where Thailand is concerned, it had been expected that even without the impact of the global financial crisis,2009 would be a stress test for the property market because of a big jump in the supply of central Bangkok condominiums.
Research by CBRE shows that as many as 10,000 units are due to be completed this year, taking the current supply in the central area to 68,000 units.
Mr Pitchon warned that with this many units coming onstream it is yet to be seen whether developers will make significant moves to clear their inventory. It is also not fully clear how many of these units were sold to end-users who are ready to move in, as opposed to investors who plan to rent them out or speculators who plan to flip them for profit. The two latter groups may not have sufficient financial resources to complete these transactions.
"That is the story unfolding. Property markets do not move like stock markets they are more like oil tankers and it takes a long time for them to change direction."
After very weak demand during the first three months of this year with the Bangkok condominium market stuck because there were so few transactions, there was more activity after Songkran. However, this was driven by local demand, similar to the rest of Asia.
"In the luxury sector, an area we specialise in,80% of the new buyers are Thai, whereas before up to 50% of the purchasers would be foreigners. So we have seen a very distinct change in purchaser profile," said Mr Pitchon.
Although every development is different,Mr Pitchon has observed that some luxury projects, particularly those approaching completion or just completed, have slashed prices by 10 to 20% from what had been listed."And local buyers seem to accept that; they believe that this discount is sufficient and prices are not going to fall further. In fact,some buyers feel that we may already be at the bottom of the market."
However, the market is also being buffeted by speculators having to resell their units.While foreign speculators have no possibility to borrow money, Thai dabblers can still apply for loans to pay the remaining 70%.
The impact of this resale surge could drag on because it takes up to 12 months for developers to transfer all the units in a completed project as they usually have to rectify some of them.
A shadow still lingers amid these early signs of improvement, in the form of a drop in new project launches this year. Mr Pitchon expects this situation to continue, at least in the luxury sector, until the existing inventory has been cleared.
"It's not possible for me to put a precise date on it but I think we are looking at a 12-to 18-month period of market consolidation while we see units under construction completed and filled up."
He said that those who are hoping that the Thai market will fall as steeply as in Spain or Florida will be disappointed.
"Our 'boom' was much more subdued than in many other countries. Our prices did not inflate as much, and so Bangkok has not been as badly affected as other markets by the global financial crisis."
It is also unlikely that Thais will look to Singapore and buy property at much lower prices there because there are still capital restrictions in place and it is easier to manage property in a market one is familiar with.
Mr Pitchon then remarked that resort markets are very different from Bangkok,being almost totally driven by foreign demand.
"First of all, the big difference between Phuket and Samui is that almost all the buyers -95%- are traditionally foreigners buying a holiday home, very much a discretionary purchase.
"Also different is the way these projects were funded. The downpayments were much greater; in some cases up to 80% or 90% of the purchase price was paid in downpayment.
"What we are seeing is that what had been sold in Phuket and Samui has been built. But at present we are seeing very little in the way of new sales and we are not seeing existing property being sold at substantial discounts.
"So the market has really come to a halt in these places, whereas the Bangkok market has two sources of demand - foreign and Thai."
Another encouraging sign for Bangkok is that developers are now less rigid in their pricing and have adjusted prices to levels that create sales, which has had the effect of significantly improving demand.
"So I don't expect that we will see the Bangkok market crash," said Mr Ptichon,adding that the supply is concentrated in the city centre, but overall the supply of new condominiums is still significantly less throughout Bangkok compared to 1996 and 1997.
After 12 months of significant change in global property markets, the green shoots of recovery are now appearing around Asia, but it is local buyers rather than international investors who are driving the markets forward, says James Pitchon, executive director of CB Richard Ellis (CBRE) in Thailand.
This welcome improvement in Asia comes after very poor lending practices in US residential property market triggered the global problems. Prices fell dramatically in some markets, such as Spain and the US. In Asia,it was Singapore that was worst affected by dwindling values - mainly because it had witnessed steep price increases.
"But one characteristic throughout Asia has been that locals are buying in their own market - Vietnamese are buying in Vietnam,Thais are buying in Thailand and Shanghainese in Shanghai so that is the Asian theme,"said Mr Pitchon.
Where Thailand is concerned, it had been expected that even without the impact of the global financial crisis,2009 would be a stress test for the property market because of a big jump in the supply of central Bangkok condominiums.
Research by CBRE shows that as many as 10,000 units are due to be completed this year, taking the current supply in the central area to 68,000 units.
Mr Pitchon warned that with this many units coming onstream it is yet to be seen whether developers will make significant moves to clear their inventory. It is also not fully clear how many of these units were sold to end-users who are ready to move in, as opposed to investors who plan to rent them out or speculators who plan to flip them for profit. The two latter groups may not have sufficient financial resources to complete these transactions.
"That is the story unfolding. Property markets do not move like stock markets they are more like oil tankers and it takes a long time for them to change direction."
After very weak demand during the first three months of this year with the Bangkok condominium market stuck because there were so few transactions, there was more activity after Songkran. However, this was driven by local demand, similar to the rest of Asia.
"In the luxury sector, an area we specialise in,80% of the new buyers are Thai, whereas before up to 50% of the purchasers would be foreigners. So we have seen a very distinct change in purchaser profile," said Mr Pitchon.
Although every development is different,Mr Pitchon has observed that some luxury projects, particularly those approaching completion or just completed, have slashed prices by 10 to 20% from what had been listed."And local buyers seem to accept that; they believe that this discount is sufficient and prices are not going to fall further. In fact,some buyers feel that we may already be at the bottom of the market."
However, the market is also being buffeted by speculators having to resell their units.While foreign speculators have no possibility to borrow money, Thai dabblers can still apply for loans to pay the remaining 70%.
The impact of this resale surge could drag on because it takes up to 12 months for developers to transfer all the units in a completed project as they usually have to rectify some of them.
A shadow still lingers amid these early signs of improvement, in the form of a drop in new project launches this year. Mr Pitchon expects this situation to continue, at least in the luxury sector, until the existing inventory has been cleared.
"It's not possible for me to put a precise date on it but I think we are looking at a 12-to 18-month period of market consolidation while we see units under construction completed and filled up."
He said that those who are hoping that the Thai market will fall as steeply as in Spain or Florida will be disappointed.
"Our 'boom' was much more subdued than in many other countries. Our prices did not inflate as much, and so Bangkok has not been as badly affected as other markets by the global financial crisis."
It is also unlikely that Thais will look to Singapore and buy property at much lower prices there because there are still capital restrictions in place and it is easier to manage property in a market one is familiar with.
Mr Pitchon then remarked that resort markets are very different from Bangkok,being almost totally driven by foreign demand.
"First of all, the big difference between Phuket and Samui is that almost all the buyers -95%- are traditionally foreigners buying a holiday home, very much a discretionary purchase.
"Also different is the way these projects were funded. The downpayments were much greater; in some cases up to 80% or 90% of the purchase price was paid in downpayment.
"What we are seeing is that what had been sold in Phuket and Samui has been built. But at present we are seeing very little in the way of new sales and we are not seeing existing property being sold at substantial discounts.
"So the market has really come to a halt in these places, whereas the Bangkok market has two sources of demand - foreign and Thai."
Another encouraging sign for Bangkok is that developers are now less rigid in their pricing and have adjusted prices to levels that create sales, which has had the effect of significantly improving demand.
"So I don't expect that we will see the Bangkok market crash," said Mr Ptichon,adding that the supply is concentrated in the city centre, but overall the supply of new condominiums is still significantly less throughout Bangkok compared to 1996 and 1997.
SHOWING HER UGLY SIDE
People marvel at Fan Bingbing's beauty. Painter Chen Danquing saw her on a flight and compared her look to the work of ancient calligrapher Wang Xizhi - who is famed for his refined and delicate style.
But in an effort to prove she's more than just a pretty face, Fan hasn't been afraid to get ugly. She played a plain massage parlour girl without any makeup in "Lost in Beijing" ("Pingguo"), and donned thick glasses and a bucktooth for "Desires of the Heart" ("Taohua Yun").
Even so, she is still referred to as "China's prettiest actress", though few people notice she's also one of the hardest-working.
The 28-year-old has done more than 25 films and 40 TV series, and also runs a TV drama studio and performance school. In 2009, she starred in seven movies.
In "Sopie's Revenge" ("Feichang Wanmei"). Which premierd last week, she plays a film star who robs Zhang Ziyi fo her boyfriend. In "Wheat" ("Mai Tian), a costume epic set 2,000 years ago, she is a city's ruler. Filming for her first English film, "Stretch", in which she plays a powerful woman who manip9ulates a horse race, wrapped earlier this year.
"When I choose a role, I prefer something I've never tried before," she says.
"Sophie's Revenge" is her first comedy,m as it is Zhang's, who is the film's lead and producr. "Ziyi came to me and said very sincerely, 'Bingbing, I've never done a comedy, neither have you, why not try one together?" she recalls.
Noted makeup man Tang Yi revealed that the two secretly competed against each other in terms of makeup and costumes, but Fan described their relationship as understanding and appreciative.
"We are both boyish and brave girls who have worked hard to get where we are, so we feel connected," Fan says. "And I've been a producer, so I know how hard she works. I appreciate her diligence."
On one occasion, Fan was suffering with a fevr and wanted to cancl a scene at 2am. But she was told the rent for the set had ben paid, and would be wasted if she could not act.
Arriving on set she found flowers, a por of soup and a card of apology and thanks from Zhang.
"I worked until 6 the next morning," Fan says, laughing. "Ziyi is a good producer. She cares about actors. To me, a little care is more important than material rewards."
In "Wheat", scheduled to open this Septmber, she plays a young widown donfronting war, lies and the sudden mission of governing a city.
Director He ping required a different acting style from her and she found it hard to adapt. It took 25 takes before Fan nailed the first scene.
"She's a woman who shoulders he rresponsibilities bravely I can relate to her," she says of her character.
She calls learning English "torture", because she didn't have time for lessons before becomoing a professional actrss at 16.
For her role in "Stretch", she stayed up night after night learning lines in English for 60 scenes.
When she arrived in Macau for the first scene, the director found she was able to recite all her lines perfectly.
She attributes her strong will and early entry to the industry to her mother, who encouraged but never spoiled her.
Her mum used to run a clothes shop in Yantai, Shandong province, and worked hard to pay for Fan's piano, flute and singing training.
"She treated me as if I were a boy, so even if I was bullied, I would still go home with a smile."
Fan describes how she ld a gang of girls that wasn't afraid to argue with boys who bullied them.
Fan remembers mimicking the action on TV back in those days, sticking chopsticks in her hair to copy actresses' hairstyles.
"Being an actor means you can be a nurse today and a policeman tomorrow, that seemed so much fun to me," she says.
She left home for acting school in Shanghai when she was 15. One year later she quit and left for Beijing, where she got a role in a TV series.
The city seemed full of opportunities, but for two years she was an obscure actress shuffing between a rented house and diffrent sets. Her parents lived with her, supporting their daughter's dream with all their savings and care.
The turning point for Fan came in 1999, when she played a maid in the smash TV drama "Parincess Huanzhu" ("Huanzhu Gege") and quickly became a household name.
But her place on the A-list wasn't secured until 2003, with her role as a shrewd mistress in Feng Xiaogang's film "Cell Phone" ("Shouji"), that year's box-office smash.
It won her the Best Actress award at the Full Blossom Film Festival, one of China's most prestigious.
The downside was the typecasting that followed.
She was also the targt of gossip columns that implied she seduced men to get film roles, and was accused of having plastic surgry.
In jresponse, she had herself examined by a team of surgeons in 2006, who confirmed she had never gone under the knife.
"I would do that again today," she says agitatedly.
"You think I am not good at acting, okay, that's a subjective judgement. But you blame me for something I never did, I must prove you are lying."
The rumours did not stop, however, and even today colleagues and friends inquire where she had surgery.
"I am tired or explaining now," she says. "My bottom line now is mamily and morality. Boyand that I am like chewing gum, very elastic. I choose to beleve the audience will grow up with me."
She also has other businese to take care of. Her studio produces a TV series each year. Her new hobby is English. She has hired a teacher who accompanies her everywhere, not necessarily in prparation for Hollywood roles, but for frequent cultural exchanges.
She also dreams of dsigning costumes, and opening a spa and a cinema, where she can enjoy films with friends.
"I'm so young, and love hasn't arrived...why not try something new and fun?" she says. "Even if love comes, I believe really able women can balance a career and relationship well."
"You think I am nto goo at acting, okay, that's a subjective judgement. But you blame me for something I never did, I must prove you are lying."
But in an effort to prove she's more than just a pretty face, Fan hasn't been afraid to get ugly. She played a plain massage parlour girl without any makeup in "Lost in Beijing" ("Pingguo"), and donned thick glasses and a bucktooth for "Desires of the Heart" ("Taohua Yun").
Even so, she is still referred to as "China's prettiest actress", though few people notice she's also one of the hardest-working.
The 28-year-old has done more than 25 films and 40 TV series, and also runs a TV drama studio and performance school. In 2009, she starred in seven movies.
In "Sopie's Revenge" ("Feichang Wanmei"). Which premierd last week, she plays a film star who robs Zhang Ziyi fo her boyfriend. In "Wheat" ("Mai Tian), a costume epic set 2,000 years ago, she is a city's ruler. Filming for her first English film, "Stretch", in which she plays a powerful woman who manip9ulates a horse race, wrapped earlier this year.
"When I choose a role, I prefer something I've never tried before," she says.
"Sophie's Revenge" is her first comedy,m as it is Zhang's, who is the film's lead and producr. "Ziyi came to me and said very sincerely, 'Bingbing, I've never done a comedy, neither have you, why not try one together?" she recalls.
Noted makeup man Tang Yi revealed that the two secretly competed against each other in terms of makeup and costumes, but Fan described their relationship as understanding and appreciative.
"We are both boyish and brave girls who have worked hard to get where we are, so we feel connected," Fan says. "And I've been a producer, so I know how hard she works. I appreciate her diligence."
On one occasion, Fan was suffering with a fevr and wanted to cancl a scene at 2am. But she was told the rent for the set had ben paid, and would be wasted if she could not act.
Arriving on set she found flowers, a por of soup and a card of apology and thanks from Zhang.
"I worked until 6 the next morning," Fan says, laughing. "Ziyi is a good producer. She cares about actors. To me, a little care is more important than material rewards."
In "Wheat", scheduled to open this Septmber, she plays a young widown donfronting war, lies and the sudden mission of governing a city.
Director He ping required a different acting style from her and she found it hard to adapt. It took 25 takes before Fan nailed the first scene.
"She's a woman who shoulders he rresponsibilities bravely I can relate to her," she says of her character.
She calls learning English "torture", because she didn't have time for lessons before becomoing a professional actrss at 16.
For her role in "Stretch", she stayed up night after night learning lines in English for 60 scenes.
When she arrived in Macau for the first scene, the director found she was able to recite all her lines perfectly.
She attributes her strong will and early entry to the industry to her mother, who encouraged but never spoiled her.
Her mum used to run a clothes shop in Yantai, Shandong province, and worked hard to pay for Fan's piano, flute and singing training.
"She treated me as if I were a boy, so even if I was bullied, I would still go home with a smile."
Fan describes how she ld a gang of girls that wasn't afraid to argue with boys who bullied them.
Fan remembers mimicking the action on TV back in those days, sticking chopsticks in her hair to copy actresses' hairstyles.
"Being an actor means you can be a nurse today and a policeman tomorrow, that seemed so much fun to me," she says.
She left home for acting school in Shanghai when she was 15. One year later she quit and left for Beijing, where she got a role in a TV series.
The city seemed full of opportunities, but for two years she was an obscure actress shuffing between a rented house and diffrent sets. Her parents lived with her, supporting their daughter's dream with all their savings and care.
The turning point for Fan came in 1999, when she played a maid in the smash TV drama "Parincess Huanzhu" ("Huanzhu Gege") and quickly became a household name.
But her place on the A-list wasn't secured until 2003, with her role as a shrewd mistress in Feng Xiaogang's film "Cell Phone" ("Shouji"), that year's box-office smash.
It won her the Best Actress award at the Full Blossom Film Festival, one of China's most prestigious.
The downside was the typecasting that followed.
She was also the targt of gossip columns that implied she seduced men to get film roles, and was accused of having plastic surgry.
In jresponse, she had herself examined by a team of surgeons in 2006, who confirmed she had never gone under the knife.
"I would do that again today," she says agitatedly.
"You think I am not good at acting, okay, that's a subjective judgement. But you blame me for something I never did, I must prove you are lying."
The rumours did not stop, however, and even today colleagues and friends inquire where she had surgery.
"I am tired or explaining now," she says. "My bottom line now is mamily and morality. Boyand that I am like chewing gum, very elastic. I choose to beleve the audience will grow up with me."
She also has other businese to take care of. Her studio produces a TV series each year. Her new hobby is English. She has hired a teacher who accompanies her everywhere, not necessarily in prparation for Hollywood roles, but for frequent cultural exchanges.
She also dreams of dsigning costumes, and opening a spa and a cinema, where she can enjoy films with friends.
"I'm so young, and love hasn't arrived...why not try something new and fun?" she says. "Even if love comes, I believe really able women can balance a career and relationship well."
"You think I am nto goo at acting, okay, that's a subjective judgement. But you blame me for something I never did, I must prove you are lying."
Wall Street ends at new 2009 highs
US stocks ended the week at 2009 highs on Friday after a surprising rise in home sales and optimistic comments from Federal Reserve chief Ben Bernanke reassured investors about the prospects for an economic recovery.
The S&P 500 and the Nasdaq hit 10-month intra-day highs, while the Dow industrials rose to their highest level in nine months. The S&P 500 is now up 51.7% from its 12-year closing low set on March 9.
At the Fed's annual conference in Jackson Hole, Wyoming, Mr Bernanke gave his clearest signal yet that the global economy is emerging from a recession.But the Fed chairman warned that growth would be sluggish for a time.
"The home sales data got the market rolling, but Bernanke really persuaded investors to [keep up] the rally," said John Augustine, chief investment strategist atFifth Third Asset Management in Cincinnati.
"His comment was optimistic, but also prudent about the quantitative easing ending sometime. But the market took it all as good news."
The Dow Jones industrial average jumped 155.91 points, or 1.67%, to end at 9,505.96. The Standard & Poor's 500 Index climbed 18.76 points, or 1.86%, to 1,026.13. The Nasdaq Composite Index rose 31.68 points, or 1.59%, to 2,020.90.
For the week, the Dow rose 2%, the S&P 500 gained 2.2% and the Nasdaq climbed 1.8%.
A stunning 7.2% jump in the July sales of previously owned homes gave stocks a shot of adrenaline. Among the big US home builders, D.R. Horton advanced 3.4% to $12.66, while Toll Brothers gained 3.7% to $22.70.
The Nasdaq's advance was led by Apple Inc, up 1.7% at $169.22, and Microsoft Corp, up 3.1% at $24.41. Energy shares also grabbed the spotlight.Chevron advanced 1.6% to $69.73 and Exxon Mobil gained 1.9% to $69.92.
The S&P 500 and the Nasdaq hit 10-month intra-day highs, while the Dow industrials rose to their highest level in nine months. The S&P 500 is now up 51.7% from its 12-year closing low set on March 9.
At the Fed's annual conference in Jackson Hole, Wyoming, Mr Bernanke gave his clearest signal yet that the global economy is emerging from a recession.But the Fed chairman warned that growth would be sluggish for a time.
"The home sales data got the market rolling, but Bernanke really persuaded investors to [keep up] the rally," said John Augustine, chief investment strategist atFifth Third Asset Management in Cincinnati.
"His comment was optimistic, but also prudent about the quantitative easing ending sometime. But the market took it all as good news."
The Dow Jones industrial average jumped 155.91 points, or 1.67%, to end at 9,505.96. The Standard & Poor's 500 Index climbed 18.76 points, or 1.86%, to 1,026.13. The Nasdaq Composite Index rose 31.68 points, or 1.59%, to 2,020.90.
For the week, the Dow rose 2%, the S&P 500 gained 2.2% and the Nasdaq climbed 1.8%.
A stunning 7.2% jump in the July sales of previously owned homes gave stocks a shot of adrenaline. Among the big US home builders, D.R. Horton advanced 3.4% to $12.66, while Toll Brothers gained 3.7% to $22.70.
The Nasdaq's advance was led by Apple Inc, up 1.7% at $169.22, and Microsoft Corp, up 3.1% at $24.41. Energy shares also grabbed the spotlight.Chevron advanced 1.6% to $69.73 and Exxon Mobil gained 1.9% to $69.92.
DSI to probe four firms over land grab claims
The Department of Special Investigation will launch an inquiry into four Thai companies in Ayutthaya which own rice-farm plots of almost 10,000 rai.
The move comes amid rumours of a massive land grab by foreign investors, particularly from the Middle East, who are said to be snapping up the country's rice-farming areas in central provinces. Transnational business consortiums are said to be buying the land through Thai nominees, which is against the law. Some Thai farmers are leasing land they previously owned but have since sold to the foreigners' proxy firms.
DSI investigator Pakorn Sucheevakul said the agency is investigating transactions by the four companies, and the firms' shareholding structures. The companies's names have been withheld. The DSI will trace information back five years to see if any foreigners have held stakes in excess of the maximum shareholder limit of 49% imposed on non-Thais.
The agency, he said, had not found any major land purchases or changes of land ownership in the other nine provinces in the central region and in the lower northern region.
The move comes amid rumours of a massive land grab by foreign investors, particularly from the Middle East, who are said to be snapping up the country's rice-farming areas in central provinces. Transnational business consortiums are said to be buying the land through Thai nominees, which is against the law. Some Thai farmers are leasing land they previously owned but have since sold to the foreigners' proxy firms.
DSI investigator Pakorn Sucheevakul said the agency is investigating transactions by the four companies, and the firms' shareholding structures. The companies's names have been withheld. The DSI will trace information back five years to see if any foreigners have held stakes in excess of the maximum shareholder limit of 49% imposed on non-Thais.
The agency, he said, had not found any major land purchases or changes of land ownership in the other nine provinces in the central region and in the lower northern region.
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