The NUG has announced its intention to sell Min Aung Hlaing’s home for US$10 million. The parallel government says that punters may purchase equity in the property at just US$100 per share.
The NUG’s Ministry of Planning, Finance, and Investment said the coup leader’s Inya Road compound is 1.86 acres in size and, at current market prices, is worth more than US$30 million.
The parallel government will sell the home at one third of its purported market value, issuing 100,000 shares in Chez MAH.
The order to auction off the house was signed and approved by the NUG’s Minister of Planning, Finance, and Investment, Tin Tun Naing, who said the project was part of the first stage of the government’s “End of Dictatorship” (EoD) program.
The NUG says it conducted a six-day pre-sale survey of the property, claiming that 97% of 18,000 people polled expressed interest in purchasing shares.
The NUG said that the auction will take place in accordance with articles 4 and 5 of the “Principles of Military Land Confiscated by the Terrorist Military Council”, an order issued by the NUG on Feb. 24, 2022. The government will open sales shortly.
Tin Tun Naing had earlier said that properties auctioned during the revolutionary period would be sold at market rates after the coup, with proceeds being paid directly to holders of shares in the land.
The junta has confiscated hundreds of properties of opposition politicians, activists, business people, and celebrities since late last year after creating new anti-terror laws which facilitate the extra-judicial appropriation of land.