Property News Roundup November 15th, 2023
We’re delighted to share the weekly news highlights below.
- Techo International Airport Nears Full Operation as Runways and Infrastructure Achieve 100% Completion
The horizon of Cambodia’s aviation landscape has been steadily changing, and a significant milestone has been reached. As of November 4, 2023, the runway and all associated infrastructure at Techo International Airport have been finalized, reaching 100% completion. This announcement underscores the tireless efforts and dedication invested in this transformative project.
November 5, 2023 | Construction & Property | Link: https://tinyurl.com/5ypjr68f
- Cruise ship from Norway carrying more than 1,000 multinational tourists docks in Sihanoukville
The VIKING ORION of NORWAY carries 469 multinational crew (50 nationalities) (94 females) and 868 tourists, 450 females, including a total of 18 nationalities. Before arriving in Cambodia, this ship passed through Vietnam and after visiting some tourist sites in Cambodia, on the afternoon of November 5, will continue its journey to Thailand.
November 6, 2023 | Khmer Times | Link: https://tinyurl.com/yr9785yf
- China and Cambodia open ‘New Air Silk Road’ forum in Zhengzhou
China and Cambodia have officially kicked off the ‘Zhengzhou-Cambodia-ASEAN New Air Silk Road Development Forum’ in Henan province of ChinaThe event on Friday took place at the Conference Centre of Huanghe State Guesthouse of Henan Peony Hall and was hosted jointly by the Chinese Academy of Social Sciences and the Royal Academy of Cambodia.
November 3, 2023 | Khmer Times | Link: https://tinyurl.com/24wxff5e
- World Bank: Climate Change Could Cost Cambodia’s GDP Up to 9% by 2050
Climate risks including heat stress are expected to increase in Cambodia, with the effects of climate change seriously impacting Cambodians and the economy, and worsening development, the World Bank’s Cambodia Country Climate and Development Report stated. Climate change could cost Cambodia’s GDP up to nine percent by 2050 and raise its poverty rate by up to six percentage points by 2040 if appropriate adaptation and mitigation measures are not taken.
October 10, 2023 | Camboja News | Link: https://tinyurl.com/496ktsb2
- Chinese-invested expressway in Cambodia becomes new economic artery: PM
The Chinese-invested Phnom Penh-Sihanoukville Expressway has become a new economic artery, significantly promoting tourism and economic growth in Cambodia. The prime minister said the expressway has connected the first economic pole of Phnom Penh to the second economic pole of Sihanoukville, which is being developed into a “Model Multi-purpose Special Economic Zone.”
November 8, 2023 | Khmer Times | Link: https://tinyurl.com/4ye7jwpc
- Sihanoukville Deep Seaport: Foundation Construction for Phase I Commences by End of 2023
In a landmark development aimed at bolstering Cambodia’s infrastructure, discussions between Cambodia and Japan have paved the way for the commencement of foundation construction for Phase I of the Sihanoukville Deep Sea Port. The foundation work is set to involve the creation of concrete pillars and is scheduled to take place before the close of 2023, signifying a significant milestone as Cambodia and Japan celebrate the 70th anniversary of their diplomatic ties.
November 7, 2023 | Construction & Property | Link: https://tinyurl.com/mr4da6u2
- Investors Thai Political Situation Impacting Real Estate Sector
Real estate experts have expressed concern over the impact on the sector due to political uncertainty stemming from the May general elections which saw the installation of a new Prime Minister Srettha Thavisin, despite the Move Forward party winning the most votes. The real estate sector contributes around 10% of Thailand’s GDP, so any negative impact on the launch of new projects and sales has a significant knock-on effect. The impact of the slow economic recovery in China and high-interest rates are also contributing to slower-than-expected investment.
November 7, 2023 | Construction & Property | Link: https://tinyurl.com/2s4cheu2
- China Owed More Than $1 Trillion in Belt and Road Debt: Report
China is owed more than a trillion dollars through its Belt and Road project, making it the biggest debt collector in the world with an estimated 80 percent of the loans supporting countries in financial distress. An upwards of 150 countries stretching from Uruguay to Sri Lanka have signed up to the BRI, and the first decade of the initiative saw China distribute huge loans to fund the construction of bridges, ports and highways in low and middle-income countries.
November 7, 2023 | Cambodianess | Link: https://tinyurl.com/4vwcau6c
- Cambodia rejoices: King leads nation in marking 70th anniversary of independence
Cambodia celebrated the 70th anniversary of its independence with pomp and splendor, with King Norodom Sihamoni lauding the government’s right policy in ushering in peace, unity and prestige to the country. The King also praised Prime Minister Hun Manet for outlining the Pentagonal Strategy-Phase I and the right policy to follow the path and political legacy of former Prime Minister Hun Sen in bringing in peace, solidarity, national unity, and national prestige to the country on the international arena.
November 10, 2023 | Khmer Times | Link: https://tinyurl.com/23hrwtrw
- China Paves the Way for Transformative Investment in Vietnam’s North-South Railway
In a strategic development on the sidelines of the recent Belt & Road Forum in Beijing, China Communications construction company Ltd. has unveiled a groundbreaking proposal to invest in Vietnam’s ambitious North-South Railway project, taking regional cooperation and infrastructure innovation to new heights. The initiative, spanning approximately 1,500 kilometers from the capital city of Hanoi to the vibrant metropolis of Ho Chi Minh City is set to commence in 2028.
November 8, 2023 | Construction Property | Link: https://tinyurl.com/4urjsj89
- Evercore interested in investing in Cambodia
Evercore, an investment banking advisory company, will explore a joint venture possibility to promote tourism and other priority sectors in Cambodia. According to Mr. Keith Magnus, Evercore has been operating successfully, especially in Singapore, and the company hopes to expand its service to Cambodia for more success.
November 10, 2023 | Khmer Times | Link: https://tinyurl.com/4u2rkh3b
- From Cambodia to Thailand, rubber producers brace for new EU rules
European Union rules aimed at stopping deforestation threaten widespread disruption for Southeast Asia’s rubber sector, from Cambodia’s 30,000 small farmers to major exporters in Thailand and Malaysia. The EU’s deforestation regulation aims to ban imports of seven commodities including rubber, if they come from land that was deforested after Dec. 31, 2020. Companies dealing in such imports will have to provide “conclusive and verifiable information” mapping their supply chains, including geolocation data for where products were grown, to ensure products are compliant. The concern for Southeast Asia is that these requirements will disproportionately hurt small farmers while failing to adequately address rubber’s role in deforestation.
November 3, 2023 | NIKKEI Asia | Link: https://tinyurl.com/mr499b7c