Property News Roundup 11th March 2024

11 March 2024 | Posted in News

We’re delighted to share the weekly news highlights below.

  1. CDC to approve two major investment projects in Sihanoukville

The Council for the Development of Cambodia (CDC) will approve two major projects in Sihanoukville province totalling almost $600 million. One of the investment recently endorsed by the CDC is a 2,870-key five-star hotel and resort development, set to be constructed in Poy Tamong, Sangkat 4, Sihanoukville. The second project is a $12 million fruit processing factory. A venture of Haoruidar (Cambodia) Co., Ltd., the slated investment by the company will establish a raw foods processing facility in Kampong Seila commune, Kampong Seila district, Sihanoukville province.

 

March 5, 2024 | Khmer Times | Link: https://tinyurl.com/bdct2z9n

 

  1. US says falling trade with China could be positive

The U.S. top trade official has stated that the 17% decrease in trade between the U.S. and China last year could be a positive sign of diversification. Trade between the U.S. and China peaked in 2022 but has since declined due to U.S. companies moving production outside of China and the impact of tariffs. At the WTO meeting in Abu Dhabi, Ambassador Tai highlighted the need for WTO reform to better address global competitive pressures. Liu Pengyu, a spokesperson for the Chinese Embassy in Washington, emphasized the importance of maintaining steady growth in China-U.S. trade ties for global economic growth.

 

March 4, 2024 | BBC | Link: https://tinyurl.com/2c5jdawp

 

 

  1. Direct India flights from Cambodia announced

National carrier Cambodia Angkor Air announced its new air route, offering direct flights between Phnom Penh and India’s capital New Delhi. Cambodia Angkor Air has recently received an air operator certificate from the Ministry of Civil Aviation on the Phnom Penh-New Delhi route and the company is currently planning the flight schedule.

March 4, 2024 | Khmer Times | Link: https://tinyurl.com/38c8c3u9

 

  1. China sets economic growth target of around 5%

China has set an ambitious economic expansion target of around 5% for 2024, as its leaders vowed to transform the growth model in the face of significant challenges facing its development. Last year, China also set an around 5% target, in what was then the country’s lowest numerical target announced in decades. Earlier this year, it said economic growth had reached 5.2% in 2023. Meeting a similar target in the coming year, however, could be significantly tougher. In setting the growth rate at around 5%, China has considered the need to boost employment and incomes and prevent and defuse risks.

 

March 5, 2024 | CNN Business | Link: https://tinyurl.com/3rbtrk27

 

  1. Govt invested $4B for northeast economic pole

The Royal Government of Cambodia (RGC) spent about $3.85 billion by the end of last year to boost the development of northeast part of the country aimed at connecting economic flow with the triangle development area between the three neighboring countries – Cambodia-Laos-Vietnam – through the construction of various infrastructures, industrial parks and economic centers.

March 6, 2024 | Khmer Times | Link: https://tinyurl.com/564kpzyy

 

  1. China Extends Generous US$ 53.2mil Grant for Council of Ministers’ Friendship Building Renovation

In a significant gesture of enduring friendship and collaboration, China has bestowed Cambodia with a substantial grant of 53.2 million yuan (US $7.3 million) earmarked for the renovation of the Friendship Building within the Council of Ministers. The official signing ceremony for this transformative initiative took place on March 4, 2024, with the agreement inked by theDeputy Prime Minister overseeing the Council of Ministers, and the Adviser to the Embassy of the People’s Republic of China in the Kingdom of Cambodia. Expressing the deepening ties between Cambodia and China, HE Vongsey Visoth emphasized the ongoing efforts to fortify the bonds of friendship and cooperation.

March 5, 2024 | Construction Property | Link: https://tinyurl.com/3yyhu33r

 

  1. The U.S. national debt is rising by $1 trillion about every 100 days

The debt load of the U.S. is growing at a quicker clip in recent months, increasing about $1 trillion nearly every 100 days. U.S. debt, which is the amount of money the federal government borrows to cover operating expenses, now stands at nearly $34.4 trillion, as of Wednesday. Bank of America investment strategist Michael Hartnett believes the 100-day pattern will remain intact with the move from $34 trillion to $35 trillion. In the context of higher interest rates, without effective fiscal policy measures to reduce government spending or increase revenues, Moody’s expects that the US’ fiscal deficits will remain very large, significantly weakening debt affordability.

March 4, 2024 | CNBC | Link: https://tinyurl.com/y9erbpsm

 

  1. Cambodia’s exports on the rise despite weakening global demand, says MoC

Cambodia’s exports were worth $1,967 million in January of 2024, a 27 percent increase compared to the same period in 2023, a General Department of Customs and Excise report showed. “Despite the war crisis and weakening of the purchasing power, Cambodian orders remained high, with the volume of orders remaining unchanged, although there was a decline in some items, but an increase on other items,” Sovicheat said. The markets RCEP members are huge for Cambodia’s products as Cambodian’s trade with RCEP countries showed a good momentum of increase in export, bringing a huge benefit to Cambodia’s economy.

 

March 7, 2024 | Khmer Times | Link: https://tinyurl.com/4zakhr7u

 

  1. Australian giant FreshStart wants to invest in three key sectors in Cambodia

Aegros and Freshstart Logistics, a subsidiary of FreshStart, plan to expand investment in three key sectors in Cambodia, including logistics, energy, and health. This is according to the meeting between His Excellency Hun Manet, Prime Minister, and Mr. Daniel Phillips, President of FreshStart Company on the occasion of the ASEAN-Australia Special Summit in Melbourne, Australia on March 24, 2024. Freshstart Logistics is operating in many countries in Asia and around the world, focusing on logistics, logistics, supply chain, and warehousing services.

March 6, 2024 | Construction Property | Link: https://tinyurl.com/xz8b7kf9

 

  1. $574M S’ville construction project sign of ‘rebound’

A senior official of Preah Sihanouk province and a tourism sector representative regard the nearly $600 million investment by Ban Dao Investment Co Ltd for constructing a five-star hotel and commercial complex in Sihanoukville as a sign of confidence in the Cambodian economy and a response to the rebounding tourism sector. The project represents a major development for the province, enhancing its attractiveness, especially as we witness the gradual return of foreign tourists. The presence of the hotel and commercial hub will be crucial in providing services to visitors in Sihanouk, contributing to tourism and our national economy.

 

March 6, 2024 | The Phnom Penh Post | Link: https://tinyurl.com/yckeupa2

 

  1. Tokyo’s core consumer prices up 2.5% in February

In February, Tokyo’s core consumer prices, excluding fresh food, rose 2.5% from the previous year, marking a 30-month consecutive increase. The CPI reached 106.2, surpassing the Bank of Japan’s 2% inflation target as government fuel subsidies effects diminished. Energy prices saw a smaller drop of 7.9% compared to January’s 20.1% decline. Similarly, electricity and city gas fees fell by 4.9% and 16.4% respectively, less than their January declines. The government’s measures to reduce energy prices, introduced in February 2023, have completed their one-year cycle.

 

March 7, 2024 | Khmer Times | Link: https://tinyurl.com/35jkmx5c

 

  1. Turkish annual inflation soars to 67% in February

Turkish annual consumer price inflation soared to 67.07% in February. The combined sector of hotels, cafes and restaurants saw the greatest inflation increase at 95%, followed by education 92%, while the rate for health stood at 81% and transportation at 78%, according to the statistical institute. Food and nonalcoholic beverage consumer prices jumped 71% in February Y-o-Y and recorded a surprisingly large monthly rise of 8%. Some analysts predicted an eventual fall in inflation down to around 35% by the end of this year. According to Capital Economics, the latest figures highlight that inflation pressures in the economy remain very strong and suggest that the disinflation process has taken a setback at the start of this year.

March 4, 2024 | CNBC | Link: https://tinyurl.com/3sz6zeme

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