Property News Roundup 30th December 2024
We’re delighted to share the weekly news highlights below.
- Cambodia Wins Nod from UN General Assembly for LDC Graduation
The UN General Assembly has given the green light for Cambodia to prepare for its migration from Least Developed Country status by 2029. Despite the potential loss of preferential market access and concessional financing, the UN approval is a significant achievement for the country as it starts the graduation process.
23 December 2024 | Kiri Post | Link: https://tinyurl.com/mpebyjkz
- Funan Techo Canal Completes 142 demarcation points, Sets Stage for Transformative Infrastructure Shortly
Cambodia has marked a significant milestone in its infrastructure development with the completion of the boundary posting process for the first 21 kilometers of the Funan Techo Canal. This section, from Prek Takeo to Prek Po, is now fully demarcated with 142 boundary points. This achievement is an important step for the broader project, aimed at improving regional transportation networks.
23 December 2024 | Construction & Property | Link: https://tinyurl.com/33yzjbep
- World Bank: Cambodia’s Economic Growth Forecasted to Reach 5.5% in 2025-2026 Amid Global and Domestic Challenges
Cambodia’s economy is projected to grow by 5.5% in 2025-2026, driven by a strong rebound in manufacturing exports, particularly in garments, travel goods, and footwear, along with a recovery in tourism. However, domestic challenges such as declining credit growth, falling property prices, and high household debt could affect overall economic performance. Agricultural production and infrastructure investments are expected to support resilience, while external risks, especially weaker global demand and a slowdown in China, may pose threats.
24 December 2024 | Source: Construction & Porperty | Link: https://tinyurl.com/569heu45
- Cambodia’s Business Landscape Faces Dual Trends: Drop in New Registrations 17%, Surge in Eliminations 32%
Cambodia’s entrepreneurial landscape is experiencing significant changes, with new company registrations falling by 17.17% in 2024 compared to the previous year and business eliminations rose by 32.78%. While capital companies showed resilience with an 8% increase in registrations, foreign commercial companies and private enterprises faced substantial declines. Companies are focusing on financial strategies, with a 10.39% rise in capital reserve applications, though individual enterprises saw a 33.02% drop. The surge in company removals highlights increased competition and the need for businesses to adapt to market challenges.
24 December 2024 | Source: Construction & Property | Link: https://tinyurl.com/vapxb5wx
- An analyst looks ahead to how the US economy might fare under Trump
President-elect Donald Trump won a return to the White House in part by promising big changes in economic policy — more tax cuts, huge tariffs on imports, mass deportations of immigrants working in the United States illegally. In some ways, his victory marked a repudiation of President Joe Biden’s economic stewardship and a protest against inflation. It came despite low unemployment and steady growth under the Biden administration.
25 December 2024 | AP News | Link: https://tinyurl.com/mtkphxfz
- Cambodia, Thailand and Vietnam Collaborate to Boost Southern Tourism Connectivity
At the 7th Southern Tourism Corridor meeting in Thailand, Cambodia, Vietnam and Thailand discussed enhancing tourism connectivity, promoting joint tourism initiatives, and developing infrastructure and diverse tourism products, while stakeholders highlighted regional benefits and called for seamless cross-border travel to boost business and attract tourists.
25 December 2024 | Kiri Post | Link: https://tinyurl.com/ywmsk5cv
- Cambodia’s exports to RCEP countries up 14 percent
In the first 11 months of this year, Cambodia’s trade with RCEP countries reached $31.37 billion, up 18% from last year. Exports to RCEP countries rose 14.35% to $8.26 billion, while imports grew 19.43% to $23.11 billion. The RCEP, which eliminates most trade tariffs, has boosted Cambodia’s exports by providing better market access and attracting more investments. This trade deal, which includes 15 Asia-Pacific nations, has become a major driver for Cambodia’s economic growth.
26 December 2024 | Khmer Times | Link: https://tinyurl.com/2tve2c42
- China Approves Value-Added Tax Law, Taking Effect in 2026
In 2023, VAT accounted for about 38% of China’s national tax revenue. The latest draft VAT Law includes exemptions for some agricultural products, scientific research equipment, and services for the disabled or elderly. It also introduces tax deductions for specific sectors. With this law, 14 out of 18 major tax categories in China now have their own laws, marking progress in statutory taxation. Recent measures also include VAT exemptions for home sales after two years and extended VAT refunds for research institutions purchasing Chinese-made equipment. China has previously reduced VAT rates for manufacturers and the transportation and construction sectors.
26 December 2024 | Kiri Post | Link: https://tinyurl.com/3y3zp656
- Darasakor International Airport Opens Its Doors in Koh Kong
Koh Kong Province has marked a significant milestone with the grand opening of Darasakor International Airport on December 26, 2024. This $200 million investment, overseen by the Chinese company Union Development Group, represents a major advancement in Cambodia’s aviation sector and is set to transform travel in the region. The airport officially welcomed its first domestic charter flight.
27 December 2024 | Construction & Property | Link: https://tinyurl.com/32vuj6hj
- Cambodia’s GDP to touch over $51 billion in 2025
Cambodia’s economy is projected to grow by 6.3% in 2025, with GDP expected to reach 209,163 billion riels ($51.39 billion) and GDP per capita rising to $2,924, up from $2,713 in 2024. This growth is driven by key sectors including industry, services, and agriculture, according to the Royal Government’s assessment of the medium-term public financial framework.
27 December 2024 | Khmer Times | Link: https://tinyurl.com/5n94xh7d