The draft directive allowing wealthy foreigners to buy land has been withdrawn to hear public opinion, Government House said on Monday.
Interior Minister Anupong Paochinda signed an order to revoke the Cabinet's approval for the scheme.
After the public hearing, related agencies will consider public comments before proposing a new scheme to the Cabinet, a government statement said.
The Interior Ministry had sent the draft directive to the Secretariat of the Cabinet on Friday (November 4).
It is expected that the Secretariat of the Cabinet would include the consideration on draft directive as special agenda at the Cabinet's meeting on Tuesday (November 8).
The Cabinet on October 25 had agreed to let foreigners purchase houses and up to a rai of land provided they invest at least 40 million baht in the country.
The proposal had been drawn up by the Interior Ministry in May with the aim of pulling in foreign investment and bringing foreigners with special expertise to Thailand. The Cabinet, however, spent months weighing the proposal and listening to opinions from several concerned agencies.