Krung Thai Asset Management, a Thai-based fund manager, announced that two real estate companies in Thailand intend to raise THB 28 billion or USD 891 million through an initial public offering (IPO). The Charoen Pokphand Group (CP) and the Thai Charoen Corporation Group (TCC) plan to sell the public their property funds separately.

Krung Thai CEO Somchai Boonnamrisi informed reporters that CP Land Co Ltd will transfer a number of office properties to the leasehold fund to gather up to THB 10 billion. The controlling stakeholder of CP Land Co Ltd is Dhanin Chearavanont, Thailand's richest man. Meanwhile, Somchai said that TCC Group's TCC Land Co Ltd, also plans to increase its Thai Retail Investment fund valued at THB 2.5 billion to around THB 20 billion. The TCC Group is controlled by Charoen Sirivadhanabhakdi, another Thai billionaire. According to Somchai, the IPO process is expected to close by year's end. Both real estate firms have increased their debt load by shoring up on their overseas assets in recent years.