Crown Property Bureau
The CPB director-general is authorized to affix his signature on behalf of the bureau. Now it is independent of the government. The law prohibits the taking away of royal assets without the king’s approval. In July 2017, under the new bill, King Vajiralongkorn will set up a board of directors to oversee his assets. Under King Bhumibol, the board of directors for the royal assets answered to the finance minister. The king is entitled to appoint the board members, as well as to remove them, at his discretion. The Crown Property Bureau has moved its office four times, with Ladawan Palace (commonly referred to as the “Red Palace”) having been its home since 18 July 1946. The anniversary of the CPB’s establishment is marked on 18 February.
Despite the wealth of the CPB, the royal family receives funds from the government for expenses. The Crown Property Bureau was established under the Royal Assets Structuring Act of 1936 and became a juristic person in 1948. According to the act, a Board of Crown Property was set up, to be chaired ex officio by the finance minister, and served by at least four royally-appointed directors. Around US$170 million annually in state funding covers the salaries of staff working in Bureau of the Royal Household and other palace offices, plus security provided for the royal family by police and armed forces. Separately, there is the “budget for the promotion of the dignity of the monarchy”, which is granted to government offices for propaganda works. Public funds also cover the costs of many royal rural development projects.
TCC Group, a family-owned conglomerate known for brewery subsidiary, Thai Beverage, leased a plot from the Crown Property Bureau in central Bangkok for up to 60 years. Central Pattana, the property development unit of retailer, Central Group, will close the grand old Dusit Thani Hotel and replace it with a 36.7 billion-baht mixed-use project that is to include a new Dusit hotel and shopping mall. It extended its CPB lease for the land and was able to gain an additional 8,000 m2 of land. The space will house One Bangkok, the nation’s largest-ever private redevelopment project, valued at 120 billion baht (US$3.6 billion).
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Prime real estate includes CentralWorld, a shopping mall, and the nearby Four Seasons hotel. The CPB has the authority to assist tenants who are affected by floods or political unrest with rent and fee reductions. In total, the CPB says it has 40,000 rental contracts, of which 17,000 are in Bangkok. The CPB renews tenant lease contracts every three years for rent rationalization and planned site development consistent with long-term city planning considerations.
King of Thailand. It has no tax obligations. It was claimed that crown property does not belong to the king in his private capacity, but to the monarchy as an institution which continues from reign to reign. The Crown Property Bureau, which controlled the royal fortune on behalf of the monarchy, said it transferred ownership of the assets following a change in the law a year earlier. In 2018, King Vajiralongkorn was granted full, personal ownership of royal assets thought to be worth at least $30bn (£22bn). Thai military junta reign in 2017-2018, a royal property law was modified.
