Property News Roundup 28th October 2024
We’re delighted to share the weekly news highlights below.
- An early look at how Cambodia’s economic vision is shaping up
Cambodia is gaining recognition as an attractive destination for global investors, having secured 315 fixed-asset investment projects worth $5.28 billion in the first nine months of 2024. The country is focused on creating a favorable investment climate amid ongoing economic challenges, with Prime Minister Hun Manet implementing the ‘Pentagonal Strategy’ to transform Cambodia into a middle-income country by 2030.
21 October 2024 | Khmer Times | Link: https://tinyurl.com/55n5nmh2
- Phnom Penh’s new airport likely to transform the city into a ‘new Singapore’
Phnom Penh City, by the development of Techo International Airport, is following in Singapore and Duai’s footsteps. These cities used their airports as connectors between opposite sides of the globe. They boosted trade and increased tourism. Both things that are driving Cambodia’s economic resurgence.
22 October 2024 | Khmer Times | Link: https://tinyurl.com/yu52tj8y
- Chinese firms to help attract 1M tourists to Cambodia each year
Over 22 Chinese companies have pledged to bring at least one million Chinese tourists to Cambodia each year, with plans for further growth. Cambodia’s Minister of Tourism engaged with major tourism companies and discussed investment opportunities in Cambodia, emphasizing the strong, strategic partnership between Cambodia and China, which has flourished for over 66 years.
22 October, 2024 | Khmer Times | Link: https://tinyurl.com/2vcvr7cp
- While China controls most of the real estate market, Japan continues to dominate ASEAN’s major economie
Chinese foreign direct investment in Southeast Asia remains more focused on tertiary industries like construction, and real estate, and is prominent in less-developed economies such as Cambodia, Laos, and Myanmar. China’s FDI in these sectors may complement, rather than challenge, the economic dominance of Japan, South Korea, and Taiwan. The study highlights that Japanese firms continue to have a significant presence in Southeast Asia, particularly in Thailand, where they dominate the automotive sector.
23 October 2024 | Construction & Property | Link: https://tinyurl.com/rwpby2ee
- IMF says global fight against inflation is ‘almost won’ but warns of rising risks
Much of the world has managed to successfully lower inflation and engineer an economic soft landing, avoiding recession, but faces rising geopolitical risks and weaker long-term growth prospects. While upside risks to inflation are receding around the world, threats to economic growth are multiplying.
23 October 2024 | CNBC | Link: https://tinyurl.com/4zp7ezrm
- PwC Slapped with Record US$62.2 Million Fine and Six-Month Ban Over Evergrande Audit Failures
PwC Zhong Tian has been fined a record US$62.2 million and banned from auditing for six months for its failure to identify financial misstatements in China Evergrande Group’s accounts between 2018 and 2020. The penalties, the most severe imposed on an audit firm in China, are part of Beijing’s broader crackdown on financial mismanagement and efforts to uphold market integrity.
24 October, 2024 | Construction & Property | Link: https://tinyurl.com/58paa2n8
- US companies seek investment opportunities in Chinese market
Many U.S. companies are exploring investment opportunities in China due to new policies aimed at boosting economic growth. A recent roundtable meeting in Chongqing brought together representatives from about 60 U.S. firms to discuss these developments. Michael Hart, president of the American Chamber of Commerce in China, noted that companies are increasing their investments in China, viewing it as a promising long-term market.
24 October 2024 | Khmer Times | Link: https://tinyurl.com/3uh9ru3u
- S., China trade tariffs escalating would be ‘costly for everybody,’ IMF deputy director says
Gita Gopinath, the IMF’s deputy managing director, warned that escalating trade tensions and tariffs between the U.S. and China could have severe global economic repercussions. While overall trade remains stable, the dynamics are shifting as U.S. and Chinese trade decreases, with some transactions being rerouted through other countries. Both the U.S. and EU have imposed higher tariffs on Chinese goods, while China has reciprocated with its own tariffs. Gopinath emphasized that increased tariffs would negatively impact global output and inflation.
24 October 2024 | CNBC | Link: https://tinyurl.com/3cb9yzym
- Cambodia attracts $443 million in new FDI
As of September 2024, Cambodia attracted $443 million in Foreign Direct Investment, creating approximately 25,000 jobs through 28 new investment projects. This positive trend follows the Covid-19 crisis, with a total of 315 projects approved in the first nine months of 2024, amounting to $5.3 billion and expected to generate 169,000 jobs.
25 October 2024 | Khmer Times | Link: https://tinyurl.com/yjen87j3
- Thailand has completed a project to widen a major road from Chanthaburi to Sa Kaeo, which will boost Thai-Cambodian trade and the economy
The Thai Department of Highways has completed the expansion of Highway 317 from Chanthaburi to Sa Kaeo, upgrading it from two to four lanes to enhance trade and economic ties between Thailand and Cambodia. The project, costing 896 million baht (over $26 million), covers more than 16 kilometers and includes features like wider lanes, sidewalks, concrete barriers, and safety infrastructure.
25 October 2024 | Construction & Property | Link: https://tinyurl.com/bde2euz5