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Arrests spook Myanmar condo buyers shifting wealth to Thailand

BANGKOK -- Efforts by the military regime in Myanmar to halt the flight of war-weary citizens' remaining wealth could cut into the real estate market of neighboring Thailand, where Myanmar nationals have climbed the ranks of top condominium buyers.

Regime authorities arrested six people in Myanmar last week for dealing in real estate in Thailand and opening bank accounts abroad without the central bank's permission, according to state media. The accused are three directors of Min Thu Company, a Yangon-based real estate firm selling high-end condominiums, and three clients who purchased units at a sales event.