Property News Roundup August 28th, 2023
We’re delighted to share the weekly news highlights below.
- $Exports through SEZs up by $1.39 billion in H1
Cambodia’s exports from Special Economic Zones (SEZs) increased to $1.39 billion in the first half of 2023, despite the Covid-19 pandemic and the global economic uncertainty. SEZs have contributed to the diversification and development of Cambodia’s economy by attracting investment in various sectors, such as electronics, components, vehicle assembly, solar, and bicycles. The CDC has drafted a new law on SEZs to provide incentives, transparency, and fair competition for investors.
August 21, 2023 | Khmer Times | Link: https://shorturl.at/emyD8
- Cambodia, Laos launch KHQR-LAOQR cross-border payments
The National Bank of Cambodia (NBC) and Bank of the Lao PDR (BOL) launched the cross-border payment via QR Code in Laos on Friday. The first phase of the collaboration will enable Cambodian tourists, traders and mobile banking users to make cross-border payments at thousands of participating vendors or merchants in Laos. The second phase of the collaboration will enable Laotian tourists or mobile banking service users to make payments through scanning KHQR with LAOQR when they visit Cambodia. The collaboration is in line with the purpose of the Association of Southeast Asian Nations (ASEAN) to promote the usage of national currencies in the markets.
August 21, 2023 | Khmer Times | Link: https://shorturl.at/cvS25
- The 8th PropertyGuru celebrate success in the real estate market
The 8th PropertyGuru Cambodia Property Awards were held on Friday, 18 August 2023. OCIC Group won the top award of Best Developer for the first time ever, while its project Diamond Bay Garden won two accolades. Siha Property Co., Ltd was named Best Boutique Developer while its project Siha Residence won four awards.
August 19, 2023 | Construction and Property | Link: https://shorturl.at/BKLP6
- Ministry of Tourism announces plan to improve Siem Reap tourism
The Ministry of Tourism in Cambodia has announced the implementation of a new strategic plan to promote tourism in Siem Reap. The plan aims to attract short- and medium-term tourists to the area by promoting tourism activities and attractions. It also aims to increase awareness of Siem Reap’s other name, the “North Star”. The plan includes 21 activities that will be implemented from 2023 to 2026.
August 22, 2023 | Khmer Times| Link: https://shorturl.at/lnvyC
- Government Gives 9,968 Hectares in Botum Sakor National Park to Royal Group
Tycoon Kith Meng’s Royal Group company has been granted a 9,968 hectare concession inside Botum Sakor National Park in Koh Kong province. This is the latest in a series of large-scale concessions granted to private actors in the park, which has led to deforestation and displacement of local communities. The government has said that the moratorium on economic land concessions remains in effect, but critics say that the distinction between an ELC and other types of concessions is meaningless.
August 21, 2023 | Cambojanews | Link: https://shorturl.at/cHNPZ
- Cambodia’s Consumer Credit Hits Record $14.76B As Late Payments Increase To 3.96%
Cambodia’s consumer credit market reached a new milestone in Q2 2023, with total credit reaching $14.76 billion. However, the number of credit applications decreased by 11%, and the ratio of 30+ DPD increased to 3.96%, indicating an increased risk of default.
August 23, 2023 | Cambodia Investment Review | Link: https://shorturl.at/ABKN1
- TMPSP 2023-2026 Expects 7 Million Tourists
The Ministry of Tourism has launched a new strategic plan for Siem Reap tourism, aiming to attract seven million national and international tourists annually by 2026. The plan includes 21 actions to be implemented over the next four years.
August 22, 2023 | AKP | Link: https://shorturl.at/muDG5
- Fujian biz delegation meets CDC to explore investment
The Cambodian Investment Board (CIB) met with a delegation of investors and businessmen from Fujian Province, China, to discuss investment opportunities in Cambodia in the field of manufacturing, tourism, hospitality, mining and energy. The CIB said that the bilateral free trade agreement between Cambodia and China has opened up these investment opportunities for entrepreneurs and investors from Fujian province. The CIB also said that the new government under the leadership of Prime Minister Hun Manet is committed to improving the country’s economic development and facilitating all the investors who want to operate their business in the country.
August 24, 2023 | Khmer Times | Link: https://shorturl.at/hswI6
- Land sales spur revenue increase for PPSP in
The Phnom Penh Special Economic Zone (PPSEZ) saw its revenue increase by 19% in the second quarter of 2023, driven by land sales. The PPSEZ generated $100 million in revenue in the second quarter, up from $84 million in the same period last year. Land sales accounted for $60 million of the PPSEZ’s revenue in the second quarter, up from $42 million in the same period last year. The PPSEZ has sold 70 hectares of land in the first half of 2023, and it expects to sell an additional 100 hectares of land in the second half of the year.
August 23, 2023 | The Phnom Penh Post | Link: https://shorturl.at/enuO6
- GDT earns $46 million on e-commerce VAT income
The General Department of Taxation (GDT) earned $46 million in e-commerce VAT income in the first seven months of 2023. This is higher than the $44 million collected from April to December 2022. The GDT is conducting research to understand how other countries collect e-commerce VAT. The rise in digital devices, e-commerce transactions, and financial technology has boosted internet and mobile services in Cambodia. The government started implementing e-commerce VAT in April 2023 and taxed companies such as Google, Facebook, YouTube, Alibaba, Microsoft, and TikTok.
August 25, 2023 | Khmer Times | Link: https://shorturl.at/npH08