Real Estate Regulator Warns of Legal Action Against Two Companies Evading Fines

The Real Estate Business & Pawnshop Regulator has issued a stern warning to two real estate companies, threatening legal action if they continue to evade fines for operating without a license. The regulator announced on 28 May 2024 that Chuan Yuan L (Cambodia) Development Co., Ltd., responsible for the Jovan City project in Sangkat Bak Kheng, Khan Chroy Changva, Phnom Penh, and Anata Residence Co., Ltd., behind the ANATA Residence project in Sangkat Stung Meanchey, Khan Meanchey, Phnom Penh, owe fines of 100 million Riels and 150 billion Riels, respectively.

These companies have been developing housing and co-ownership buildings without obtaining the necessary licenses from the Real Estate Business & Pawnshop Regulator. This violation contravenes Sub-Decree No. 50 dated 2 March 2023, which governs real estate development businesses. Despite being issued fine notices and reminders, the companies have yet to comply.

The regulator has given the companies a 15-day deadline from the date of the notice to pay the fines. Failure to comply will result in strict legal action as per the prevailing laws and regulations. This move aims to enforce compliance and uphold the integrity of real estate development regulations.

 

 

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