Thailand's Crown Property Bureau, the agency responsible for managing the monarch's properties and investments, said in a statement that it transferred the ownership of the assets to Thai King Maha Vajiralongkorn, Reuters reported.

The transfer follows a change in royal property law in July 2017 to give the king full control of the bureau.

The assets, previously registered to the bureau, were exempt from tax. In line with the king's wishes, they will now be "subject to the same duties and taxation as would assets belonging to any other citizen," the newswire said, adding that the bureau's real estate holdings and other investments were valued by Forbes at over US$30 billion in 2012.