Property developers Perfect (PF) and Grand Asset (GRAND) are selling land and condos worth over 10,000 million baht to cover debt, after losses and the lowest home and condo sales in 40 years. GRAND has postponed bond repayment while it waits for sale proceeds. Some plots are being offered at about 20% below market. For a Thai SME, this signals weak property demand and slow payments: check receivables from developers, contractors and suppliers, and avoid depending on a single property client. Buyers of land may find discounted opportunities, but deals are slow.