Thailand elects property tycoon as PM in 3rd vote

Thailand's third vote for its next prime minister on Tuesday resulted in real estate tycoon Srettha Thavisin being elected as the country's 30th leader and also Thailand's first prime minister in nearly a decade who does not have a military background.

Srettha is the former chief executive of property developer Sansiri, a famous Thai enterprise that currently has a value of about $880 million on the Thai stock market.

Srettha was the only candidate for Tuesday's vote and is a member of the Pheu Thai party. Though the party came in second in the May 14 general election, it took over the formation of a government after the leading Move Forward Party failed to gain enough support from senators.

Pheu Thai, which has a coalition with 10 other parties, revealed its allocation of cabinet seats on Monday. Based on the allocation, Pheu Thai will get eight ministers, nine deputy ministers and the prime minister's office minister posts.

A recent survey by the National Institute of Development Administration showed that the public largely disagreed with Pheu Thai's decision to form a government with its rivals, leading to the resignation of its party leader.

Nearly half of more than 1,300 respondents said they disagreed with the party's push to include the military-affiliated Palang Pracharath and United Thai Nation parties in its coalition.

"No matter what, those hardcore believers of Pheu Thai will still maintain their faith to the party regardless of its next move," Suthiphand Chirathivat, emeritus professor of economics and executive director of the ASEAN Studies Center at Chulalongkorn University, said. "But for those MFP supporters who feel unhappy about the 'betrayal', they may voice their displeasure in some ways."

Stimulus steps expected

As the formation of the new government has already taken some months, stock market analysts expect the new prime minister to take office as soon as possible, so as to boost stocks and enact other stimulus measures for the country's business sectors.

"If the government formation runs smoothly, it should relieve concerns over the political vacuum and 2024 budget, having a positive sentiment on the Stock Exchange of Thailand index," Asia Plus Securities said in a recent research note.

Hours before the third vote on Tuesday afternoon, former Thai prime minister Thaksin Shinawatra returned to the country after 15 years of self-imposed exile, making a brief appearance at Don Mueang airport in Bangkok.

He was taken to the Supreme Court upon arrival and was ordered to serve eight years for three convictions passed in his absence, relating to his former Shin Corp company, a bank loan and a lottery case.

Thousands of his supporters and key political figures, mostly from Pheu Thai, welcomed him at the airport.

yangwanli@chinadaily.com.cn