China and Russia buyers flock to luxury homes in Southeast Asian resorts

BANGKOK/HANOI -- Resort areas in Southeast Asia have emerged as luxury housing hot spots, with leading developers pursuing large projects in places like the Thai island of Phuket that cater to wealthy people from China and Russia who are planning long-term stays.

At a construction site a 10-minute walk from luxury hotels on Bang Tao Beach in western Phuket, a banner says, "The place to be is now the place to live," the advertising slogan of luxury condominiums bearing the boutique hotel brand The Standard.