Two major Thai real-estate developers—Perfect Property (PF) and Grand Asset Hotels & Property (GRAND)—are liquidating premium-location assets worth ~10 billion baht to manage mounting debt and negative cash flow. GRAND reported a net loss of 1.54 billion baht in 2025, with Q1 2026 losses continuing at 230 million baht. Both firms are deferring bond payments pending asset-sale proceeds; management expects to clear debts over 3 years (2026–2028). Sales slowdown is at 40-year lows. The article signals broader distress in Thailand's property sector and hints at industry-wide asset fire sales.