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ខ្មែរ Economy and Finance
Real Estate Market Update in Q3 and Roadmap for Recovery
- 17 October 2020
The Phnom Penh Real Estate Market in Q3 of 2020 remains under pressure from the COVID-19 pandemic. However, compared to other neighbouring countries, the Cambodian market shows the most significant recovery steps, according to a report from CBRE Cambodia. The same report also projects that due to the very low number of cases, thanks to effective government policy in coping with the pandemic, th...
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GDT to Strengthen Property Tax Collection Amid 3.5% Tax Revenue Growth in Q3
- 13 October 2020
The General Department of Taxation (GDT) will continue to strengthen property tax collection. This news comes as tax revenue in Q3 2020 has risen to over US$2 billion, according to the GDT quarter report on 12 October. The tax revenue collected by GDT has reached US$2.2 billion or equal to 78.1% of the annual plan. Compared to the same quarter of 2019, there is a US$80 million or 3.71% increase...
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China-backed Dara Sakor Airport to Test First Flight Before March 2021
- 13 October 2020
The controversial China-backed Dara Sakor Aiport in Koh Kong will run its first test flights before March 31, 2021, as construction is approaching completion, according to Minister of the Secretariat of Civil Aviation HE Mao Havanna during an official inspection from 10-12 October. During the inspection, the technical team reviewed the report from the Union Development Group (UGD) and also visi...
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ADB Revises 2020 Cambodia Growth Forecast Upward, Construction Sector Still at Risk
- 25 September 2020
The Asian Development Bank (ADB) recently re-forecast Cambodia’s economic growth to rebound to 5.9% by 2021, yet the construction and garment sectors remain at risk. The Asian Development Outlook (ADO) 2020 Update also projected that due to the COVID-19 pandemic, Cambodian GDP would drop by 4% in 2020, which is better compared to the previous forecast in June, estimated at 5.5%. This economi...
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US-China Fight over Union Development Group Could Harm Cambodia’s FDI and Real Estate Market
- 21 September 2020
Economists, analysts, and real estate experts are concerned that the geopolitical fight between US and China over the Union Development Group (UDG) in Cambodia could hurt Cambodia’s Foreign Direct Investment (FDI) and real estate market, especially in Koh Kong province. On 15 September, the US Treasury Department issued a statement imposing sanctions on the UDG and its US$3.8 billion Dara Sakor...
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AIIB & ADB to loan Philippines with US$750m loan to manage COVID-19 impacta
- 26 August 2020
The Philippines has been offered a US$750 million loan from the Asian Infrastructure Investment Bank (AIIB) and the Asian Development Bank (ADB) to assist the nation to kickstart its economy following a slump caused by the COVID-19 pandemic. The loan is intended to help the Philippines increase its testing program and provide support to affected workers. AIIB Vice President DJ Pandian explained...
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New Shopping Mall Construction Overshoots Local Demand
- 25 July 2020
The number of shopping malls has been increasing rapidly while the local demand and average purchasing power have yet to catch up, indicating that the retail market in Cambodia is oversupplied, according to a Nikkei Asian Review report on 24 July. Real Estate Consultancy Knight Frank predicted that by the end of 2022, the total retail stock could shoot up to approximately 830,000 sqm, 84% of wh...
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New Phnom Penh International Airport Expresses Cambodia’s Ambition to Promote Economic Growth Amid COVID-19
- 23 July 2020
Cambodian Prime Minister Hun Sen’s inspection visit to the construction site of the new Phnom Penh International Airport on 22 June 2020 was more than a symbolic inspection and represented a strong endorsement of the airport project and the health of the nation’s construction sector. The prime minister also approached the visit from the perspective of the national economic situation and domestic u...
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Cambodia and other 5 Countries Agree to Donate US$180.2 million to Fund BRI Projects
- 10 July 2020
Cambodia and other 5 countries including China, Egypt, Saudi Arabia, Hungary, and the Philippines have agreed to donate US$180.2 million as a multilateral fund to support Belt and Road Initiative (BRI) infrastructure projects, according to China Daily on 08 July 2020. The fund was set up by the Multilateral Cooperation Center for Development Finance and approved by the Asian Infrastructure Inve...
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Cambodia’s loan demand rose by 20.7% in H1, 28.8% of which from construction and property sector
- 9 July 2020
Bank loan demand in Cambodia rose by 20.7% to US$26.7 billion during the first half of 2020, of which the construction and real estate sector accounted for 28, 8%, according to the biannual report of the National Bank of Cambodia. The report continues that the loans have been given to key sectors and among which personal mortgages accounted for 11.6%, property loans 8%, and construction loans 9...
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