Property News Roundup December 18th, 2023
We’re delighted to share the weekly news highlights below.
- Cross-border payment deals with China to catapult tourist numbers
he cross-border payment deal between Cambodia and China will boost the tourism industry in both countries. It cites the opinions of some experts and associations who praise the agreement for making it easier for tourists to shop and spend using digital platforms. It also mentions the increase in flights between the two destinations as a factor for attracting more visitors.
December 11th 2023 | Khmer Times | Link: t.ly/6Wegf
- Royal Government does not allow foreigners to own real estate in Cambodia
Sun Chanthol, First Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia, on December 8, met with Marwan Al Marri, Regional Director for Asia of the Dubai Chamber of Commerce, and the meeting was also attended by representatives of the Cambodian Oknha Association. During the meeting, Dubai Chamber of Commerce representative Marwan Al Marri briefed the Deputy Prime Minister on past investment activities in the region, in which the Dubai Chamber of Commerce plays an important role in attracting investors and increasing trade activity.
December 11th 2023 | Khmer Times | Link: t.ly/LXQnt
- Unveils Plans for New US$ 804M Industrial Zone Near Phnom Penh
In a groundbreaking collaboration, Mr. Ly Sok Chhay, General Director of LSCG GROUP, has joined forces with a prominent Chinese company to embark on a remarkable venture – an investment of US$ 804 million to establish a sprawling 500-hectare industrial zone in Phnom Penh. Highlighting the meticulous planning involved, Mr. Sok Chhay emphasized that this substantial investment initiative has undergone several deliberations with the leadership of the partnering Chinese company. The decision to infuse a staggering $804 million into this transformative project underscores the shared commitment and conviction in its success.
December 11th 2023 | Construction & Property | Link: t.ly/-QEDP
- Cambodia signs US$1B loan agreement with development partners in 9 months, down 17%
In the initial nine months of 2023, the Royal Government of Cambodia demonstrated strategic financial prowess by securing new concessional loan agreements with development partners, totaling a significant US$1 billion. This accomplishment, outlined in the Cambodian Public Debt Statistics Bulletin by the Ministry of Economy and Finance, reflects a tactical utilization of financial resources, constituting 45% of the legal ceiling.
December 14th 2023 | Construction & Property | Link: t.ly/ajxq7
- Cambodia carries strongest FDI momentum for next year
Cambodia received the highest index score of 96.11 (out of 100). The rate of growth in FDI projects within the country stood at 109.76 percent during the 2021-22 financial year. The rate of growth of FDI Capex during the same period was 393.47 percent. The Council for the Development of Cambodia (CDC) reported that from the start of 2023 until September, 191 new Foreign Direct Investment (FDI) projects have been approved, according to data available from the investment council.
December 14th 2023 | Khmer Times | Link: t.ly/Zhars
- Strategic Realty Investment launched Private Island
Strategic Realty Investment Co., Ltd, Partner, and Project Development Director, Dr. Alexander Evengroen is very happy to see the design progress of our Banteay Srei Eco City project, ‘Paradise Island’. An exclusive island with 7 stunning villas surrounded by water next to the Siem Reap River in Banteay Srei, Siem Reap. Our architect and SRI team worked very hard to finish the villa designs at our Paradise Island zone for our Eco City project. We made sure to create stunning, innovative, and environmentally friendly villas that will leave a legacy.
December 14th 2023 | Property Area | Link: t.ly/qW1jB
- Gov’t disburses $1.18 billion on infrastructure in Q3
The government has disbursed some $1.18 billion from existing concessional loans for spending on infrastructure building and priority sectors, bringing the public debt to $10.72 billion, according to a report from the Ministry of Economy and Finance. As of the end of Q 3 2023, including the old debt, the government has a total public debt stock of $10.72 billion in which 99.5 percent is public external debt and 0.5 percent is public domestic debt.
December 14th 2023 | Khmer Times | Link: t.ly/R8_aj
- 70% green energy by 2030: Gov’t
Cambodia aims to increase its renewable energy share to at least 70% by 2030, contributing to environmental goals and economic growth, with a particular focus on energy efficiency. Rattanak highlighted that ASEAN principles require member countries to source 35% of their energy from clean or renewable sources by 2030, a target Cambodia has already exceeded, achieving over 60% in 2022.
December 15th 2023 | The Phnom Penh Post | Link: t.ly/ng4CY
- More than half of cooperation initiatives reached at BRF start to be implemented
More than half of a total of 369 cooperation initiatives reached at the third Belt and Road Forum for International Cooperation (BRF) have started to be implemented now, according to the National Development and Reform Commission (NDRC) on Thursday.
December 15th 2023 | people.cn | Link: t.ly/MITRX
- $1.5B investment from EU to power Kingdom’s growth
Between 1992 and 2023, the EU provided over $1.5 billion in collaborative financing, which has supported the implementation of major projects in the agricultural, environmental, industrial, educational and trade sectors, as well as the private sector.
December 15th 2023 | The Phnom Penh Post | Link: t.ly/vXeG4