Type Government agency

Industry Diversified Investments

Real Estate

Financial Services

Banking

Hospitality

Founded 1936

Headquarters Bangkok, Thailand

Key people Chirayu Isarangkun Na Ayuthaya

Website http://www.crownproperty.or.th/en

Bureau of the Crown Property

Samnakngan Sapsin Suan Phra Mahakasat

Crown Property BureauFrom Wikipedia, the free encyclopedia

The Crown Property Bureau (Thai:

; : Samnakngan Sapsin Suan PhraMahakasat; abbreviated as CPB) is the quasi-governmentagency responsible for managing the property of the crown ofthe Kingdom of Thailand. The king appoints six members ofthe bureau's governing board, with the seventh the sitting

Minister of Finance of Thailand.[1] Crown property does notbelong to the king in his private capacity, but to themonarchy as an institution which continues from reign to

reign.[2]:p.282[3]

The CPB is headed by Director-General Chirayu Isarangkun

Na Ayuthaya.[4] CPB Property Co., Ltd. and CPB Equity Co.,Ltd., both subsidiaries of the bureau, are headed by MichaelDavid Selby, former partner of Business Advisory Indonesiaand former employee of a United States government agency.[5][6][7] During the late 1980s, the CPB had 600 employees,of which 90% were devoted to managing the Bureau's

massive real estate holdings.[8] In 2004, the CPB recorded over THB5 billion in earnings.

Contents

1 Background2 Mission3 Real estate4 Sustainable development5 Corporate social responsibility

5.1 Conservation6 See also7 References

Background

The Crown Property Bureau was established under the Royal Assets Structuring Act of 1936 and became ajuristic person in 1948. According to the act, a Board of Crown Property was set up, to be chaired ex officio bythe finance minister, and served by at least four royally-appointed directors. The king would also name one ofthe board members as the director-general of the Crown Property Bureau. The Board of Crown Property isresponsible for the overall supervision of the activities of the Crown Property Bureau. Duties andresponsibilities of the director-general are prescribed by the Board of Crown Property.

Initially, the Crown Property Bureau was under the jurisdiction of the Royal Treasury of the Royal Household

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Bureau. On 21 April 1935, the 1934 act to exempt royal assets from taxation took effect. The act categorisedroyal assets into two types:

Assets eligible for tax exemption1. Assets eligible for tax payment2.

On 19 July 1937, the Royal Assets Structuring Act of 1936 became effective. It separated the royal assets into"His Majestys personal assets", "crown property", and "public property". "His Majestys personal assets" wouldbe managed by the finance ministry. The Crown Property Bureau was set up with the status equivalent to adivision under the treasury department of the finance ministry. Some of the functions, responsibilities, andofficials were transferred from the Office of the Privy Purse to the Crown Property Bureau which soughtpermission to locate its office on the premises of the Office of the Privy Purse on the grounds of the GrandPalace in Bangkok.

The Royal Assets Structuring Act has been amended twice: the second amendment (1941) was promulgated on7 October 1941 and the third amendment (1948) was promulgated on 18 February 1948. The Crown PropertyBureau's status was then elevated to a juristic person responsible for supervising, preserving, and managing thecrown property. The director-general of the Crown Property Bureau is authorized to affix his signature on behalfof the CPB. The Crown Property Bureau has moved its office four times, with Ladawan Palace (commonlyreferred to as the "Red Palace") having been its home since 18 July 1946. The anniversary of the CPB'sestablishment is marked on 18 February.

Mission

The CPB claims to be responsible for protecting and managing the royal assets and property as well assupporting other activities for the benefit of Thai subjects and society.

Real estate

In central Bangkok, the king owns 3,320 acres and another 13,200 acres elsewhere in Thailand.[9] In 2008, the

Bangkok holdings alone were estimated at US$31 billion in value.[6]

In 2010, aggregate income from property came to 2.5 billion baht (US$80 million at 2012 rates). Prime realestate includes CentralWorld, a shopping mall, and the nearby Four Seasons hotel. In total, the CPB says it has

40,000 rental contracts, of which 17,000 are in Bangkok.[9]

The CPB renews lease contracts for its tenants every three years for rent rationalization and planned for sitedevelopment which will be consistent with long-term town planning considerations. The CPB has the authorityto assist tenants who are affected by floods or political unrest with rent and fees reductions.

Sustainable development

The CPB makes long-term investment in selected core business institutions such as the Siam Cement Group(SCG), the largest Thai industrial conglomerate and the Siam Commercial Bank (SCB), the country's firstcommercial bank.

Corporate social responsibility

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The CPB has expanded its diversified social projects such as temple restorations, rice research and developmentwith the Rice Department of the Ministry of Agriculture and Cooperatives.

"Youth development" is promoted jointly in partnership with the SCB and the SCG. The projects have beenaimed at supporting the Ministry of Education for inculcating the king's Sufficiency Economy philosophy in theThai school system and the establishment of the Nitasrattanakosin Exhibition Hall on Ratchadamnoen Avenuefor Thai youth to learn, appreciate, and take pride in Thailand's artistic and cultural legacies of the Rattanakosin

era. The CPB has supported numerous other projects such as scholarships for Thai youth.[10]

Conservation

The CPB joined Bangkok Metropolitan Administration (BMA) to develop the land near Chao Phraya River to

build a new public park surrounding historical buildings called Nagaraphirom Park.[10]

See also

Monarchy of ThailandSiam District

References

"Thailand's Crown Property Bureau: Economic Brake?" (http://www.asiasentinel.com/econ-business/thailand-crown-property-bureau-economic-brake/). Asia Sentinel. 2015-04-15. Retrieved 16 Apr 2015.

1.

Grossman, Nicholas; Faulder, Dominic, eds. (2012). King Bhumibol Adulyadej: A Life's Work (Reprinted ed.).Editions Didier Millet. ISBN 9814260568.

2.

Short history from the Crown Property Bureau website (http://www.crownproperty.or.th/history.php)3. "Board of Directors" (http://www.crownproperty.or.th/en/ABOUT-CPB/Board-of-Directors). The Crown PropertyBureau. Retrieved 26 Feb 2015.

4.

"Minor International Pcl; Michael David Selby" (http://www.bloomberg.com/research/stocks/people/person.asp?personId=23896491&ticker=MINT:TB). Bloomberg Business. Retrieved 26 Feb 2015.

5.

Cunningham, Susan J. (2008-08-22). "The Crowning Fortune" (http://www.forbes.com/global/2008/0901/032.html).Forbes. Retrieved 26 Feb 2015.

6.

Ouyyanont, Porphant (2008). "The Crown Property Bureau in Thailand and the crisis of 1997"(http://www.tandfonline.com/doi/abs/10.1080/00472330701652018). Journal of Contemporary Asia 38 (1): 166189.doi:10.1080/00472330701652018 (https://dx.doi.org/10.1080%2F00472330701652018). Retrieved 26 Feb 2015.

7.

Paisal Sricharatchanya, Far Eastern Economic Review, "The Jewels of the Crown", 30 Jun 1988, pages 60-638. Montlake, Simon (2012-01-20). "In Thailand, A Rare Peek At His Majesty's Balance Sheet" (http://www.forbes.com/sites/simonmontlake/2012/01/20/in-thailand-a-rare-peek-at-his-majestys-balance-sheet/). Forbes. Retrieved 26 Feb2015.

9.

Crown Property 2010 Annual Report (http://www.crownproperty.or.th/home/file/annual_report_2553.zip)10.

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Categories: Organizations based in Thailand Thai monarchy Organizations established in 1936

1936 establishments in Siam

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