Property News Roundup 29th July 2024
We’re delighted to share the weekly news highlights below.
- Joe Biden withdraws from presidential race after weeks of pressure to quit
Joe Biden has withdrawn from his presidential re-election race and endorsed Kamala Harris to take his place at the top of their party’s ticket, an extraordinary decision upending American politics that plunges the Democratic nomination into uncertainty just months before the November election against Donald Trump.
22 July 2024 | The Guardian | Link: https://tinyurl.com/4ybyrksa
- 18 percent increase in construction materials imports for H1
According to the latest trade statistics released by the Ministry of Commerce for H1 2024, imports of key construction materials into Cambodia have increased considerably compared to the same period last year. This signifies a potential recovery underway for the domestic construction sector, a key driver for nation gross domestic product for the economy.
22 July 2024 | Khmer Times | Link: https://tinyurl.com/2z4z5nhj
- Vietnam Seeks China’s Expertise for High-Speed Rail and 1,500 km North-South Railway Project
Vietnamese Primer Minister, Phan Minh Cinh, conveyed his request to Lou Qiliang, chairman of China Railway Signal Information, for a support on the development of its high-speed rail network. Vietnam’s plan include financial support and expertise from China for designing constructing and transferring technology for a cross-border railway.
22 July, 2024 | Construction & Property | Link: https://tinyurl.com/3jscnk48
- Kampot province plans new beach construction
The Kampot Provincial administration will build a new beach by reclaiming a portion of the Cambodian sea on the coast with a width of four kilometer to increase attractiveness of Kampot to tourists. The new beach has been requested by the head of government and the provincial administration has also prepaed some roads to connect to the new beach.
24 July, 2024 | Khmer Times | Link: https://tinyurl.com/yu8kp2bu
- Experts Predict Recovery for Phnom Penh Real Estate Market with Strategic Adjustments
The Phnom Penh Real Estate market is currently undergoing a necessary correction phase, which is painful yet vital for moving forward to the next cycle. The prices is now settling down to a moderate level has been very challenging phase for developers, but it is crucial for brining the market to a sustainable level.
24 July, 2024 | Construction & Property | Link: https://tinyurl.com/4t58n2v2
- Prime minister bans establishment of new casinos in Kep, Kampot
Prime Minister Hun Manet has banned the establishment of new casinos in Kep and Kampot provinces, except for Bokor Mountain where they currently operate. The ban on new gaming is report is to diversify investments and aims to strengthen and promote cultural and religious preservation, ensure security and improve order in tourist destination.
24 July, 2024 | The Phnom Penh Post | Link: https://tinyurl.com/zy8racby
- Loan disbursement to real estate and construction continues to grow
Loan disbursement from banking institutions to the construction and real estate sectors continues to grow significantly, with the sectors projected to see slow growth in 2024.
25 July, 2024 | Construction & Property | Link: https://tinyurl.com/35zfenwy
- Indonesia uses cloud planting techniques to prevent rain, hindering new city construction
Indonesia is employing climate modification technique known as cloud seeding to reduce heavy rains that have impeded the construction of its future capital, Nusantara. The new city that is set to open in August 2024 aims to alleviate issues faced by the current capital, including heavy traffic congestion and potential flooding.
25 July, 2024 | Construction & Property | Link: https://tinyurl.com/2t3hpam6
- Surge in Foreign Investment Bolsters Vietnam’s Real Estate Market
Vietnam’s property market is witnessing a significant surge in foreign investment, fueled by favorable economic conditions, legal reforms, and strategic infrastructure development. In the first five months 2024, foreign investors poured nearly USD 1.98 billion into the property sector. This influx of capital underscores the growing appeal of Vietnam as a prime destination for real estate investment.
26 July, 2024 | Construction & Property | Link: https://tinyurl.com/msyun3rw
- AirAsia to Launch Direct Flight Between Siem Reap and Phuket
AirAsia is launching a direct flight connecting Siem Reap with the Thai island of Phuket with three weekly flights from October 29, aimed at boosting tourism. This marks AirAsia’s third direct route into Cambodia, in addition to its Bangkok to Phnom Penh and Siem Reap flights.
26 July, 2024 | Kiri Post | Link: https://tinyurl.com/mry9a9at
- Amid Tensions With China, Some US States Are Purging Chinese Companies From Their Investments
Missouri State Treasurer, Vivek Malek, pushed Missouri’s main retirement system to pull its investments from Chinese companies, making Missouri among the first nationally to do so. Now Malek is touting the Chinese divestment as he seeks reelection in an Aug. 6 Republican primary against challengers who also are denouncing financial connections to China.
26 July, 2024 | Source: Kiri Post | Link: https://tinyurl.com/suf58j8w