Myanmar Junta Chief’s Real Estate up for Sale
By The Irrawaddy 26 April 2022
Myanmar’s parallel National Unity Government (NUG) will reclaim houses and other properties acquired by regime leaders, including junta chief Senior General Min Aung Hlaing, and sell them to raise money for the ongoing revolution against the military regime.
The NUG’s Minister of Planning, Finance and Investment U Tin Tun Naing revealed the plan to the country’s shadow parliament on Saturday as he submitted his ministry’s annual report.
Under the scheme, which is expected to be launched in a few weeks, the sale of almost 40 properties under the control of military leaders which were confiscated for their own benefit, as well as land confiscated by the military, will be available for pre-purchase by both Myanmar citizens and foreigners. The prices will be set at 70 percent lower than market rates, according to Radio Free Asia (RFA).
Buyers will be given shares for their purchases and receive profits when the NUG auctions off the properties.
“We will soon start selling real estate illegally acquired by terrorist military leaders and military-confiscated land which won’t be needed for the [future] federal army,” U Tin Tun Naing told the NUG Parliament on Saturday.
“The revenue from the sales will be used effectively for the revolution,” he added.
The plan to confiscate properties under the control of the military and sell them to the public is widely supported by many people as a creative way to intimidate the generals, while at the same time raising funds for the revolution.
Several netizens expressed their interest in buying shares in the properties and so contributing to the goal of bringing down the junta.
Myanmar military leaders have gained huge profits from property they own in the commercial capital Yangon. Min Aung Hlaing owns two properties in the Inya Lake neighbourhood, Yangon’s most exclusive and affluent residential area, that are each worth millions of US dollars.
The junta boss did not own any homes by Inya Lake until he was handpicked by former dictator Senior General Than Shwe to become the head of the military in 2011.
But in the next five years he managed to acquire a residence located at 14 Inya Road, known as 14 Inya, and another close to the five-star Lotte Hotel and the private Kan Thar Yar Hospital, which Min Aung Hlaing has a financial interest in.
The 14 Inya residence is a former military guesthouse, commonly known as the military intelligence guesthouse, where generals received foreign diplomats and ethnic armed organization leaders.
U Tin Tun Naing told RFA recently that the coup leader’s home at 14 Inya will be included in the initial sale, along with real estate under the control of deputy junta chief Vice Senior General Soe Win and other top generals.
In February, the NUG established a policy to review the land and property owned or under the control of military leaders and the defense and home affairs ministries, and to get them back for the benefit of the Myanmar people.
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