market

The Mirror, Vol. 13, No. 599

“Phnom Penh: This week, real estate businesspeople from inside and outside of the country gathered to create a new association to promote and improve the declining real estate market in Cambodia. The Association of Cambodian Real Estate Developers aims to help restore the fast declining real estate market in Cambodian to grow up again.

“Real estates companies expressed their hope that the real estate market will become active again soon. Representatives of real estates companies had assembled to join forces and to make efforts to restore their situation, lively selling real estate in Cambodia again. Mr. Van So Ieng, who was selected to be the president of the Association of the Cambodian Real Estate Developers, said that this new association plays a role to help coordinate work with the government, in order to find ways to reactivate the land and the house markets in Cambodia.

“Mr. Van So Ieng added that the creation of this association is to establish another new force to encourage activities regarding real estate, to get moving ahead.

“It should be noted that the Association of the Cambodian Real Estate Developers was created, after the real estate market of Cambodia had collapsed, and while the government established a new policy, requiring real estate companies to deposit 2% of to the volume of each construction project as a security deposit.

“The director of the Bunna Realty Group, Mr. Sung Bunna, who was nominated secretary-general of the Association of the Cambodian Real Estate Developers, disagrees with the policy requiring to make a 2% security deposit per construction site. However, he agrees with the establishment of a mechanism to monitor all real estate companies, which is being drafted by the Ministry of Economy and Finance.

“It should be stressed that the policy to reserve a 2% security deposit for ongoing construction activities is to ensure confidence from companies contracting a construction company, so that the customers continue to commit their money to acquire flats.

“Mr. Sung Bunna requested the government to consider the disadvantages of this security depositing policy in a situation when Cambodia’s real estate market is going down like this.

“As for the director of the Udom Vathanak Company that buys and sells land, Mr. Men Ra, he presented the opinion that the 2% security deposit creates a disadvantage that can affect the newly growing real estate market in Cambodia.

“Ahead of the elections in 2008, activities on the real estate market in Cambodia started to slow down, and so far, the land and the house construction markets are still quiet, which is partly also the result of the international financial crisis.

“Mr. Men Ra said that the land market in Cambodia, with cooperating efforts by the government, will become activated again soon.

“Mr. Van So Ieng expressed his hope that the land market will grow again after the real estate companies in Cambodia assembled to form the new Association, especially if there is cooperation from the government.

“Also, Mr. Van So Ieng mentioned that solutions might also be found from the policy of providing loans to citizens to buy houses – this can help to reactivate the real estate market in Cambodia.

“It should be noted that the Cambodian government announced that government institutions are beginning to release loans in an effort to encourage the buying of land and of flats again.

“This announcement by the government was welcomed by different real estate companies in Cambodia.

“Mr. Men Ra called for supporting activities by the National Bank of Cambodia in order to restore the present weak situation of the land market.

“So far, real estate businesspeople still hope that sooner or later, there will be land selling activities again.” Khmer Sthapana, Vol.2, #200, 11.2.2009

Newspapers Appearing on the Newsstand:
Wednesday, 11 February 2009

Cheat Khmer, Vol.1, #15, 11.2.2009

• Civil Society [the Cambodian Center for Human Rights and the Cambodian Independent Teachers’ Association]: Global Witness’s Website Is Closed Because It Touches Sensitive Spots of Corrupt Officials of the Cambodian People’s Party

Khmer Aphivaot Sethakech, Vol. 7, #339, 11.2.2009

• The Government and the National Assembly Plan to Question the Person Who Ordered Armed Forces to the Mobitel Company [closing it for about 4 hours]
• More Than 2,000 Olympic Market Vendors Protest in Front of the Residence of Samdech Dekchor Hun Sen [over the rising prices of market stalls]

Kampuchea Thmey, Vol.8, #1870, 11.2.2009

• Director General of National Police [Net Savoeun] Orders to Cancel Illegal Police Number Plates, starting in May 2009
• [The Russey Keo district governor] Kleang Huot Is Accused of Threatening a Man with a Weapon and Hitting and Injuring Him [Phnom Penh]
• Getting Angry with the Run Away Owner, Some Workers Used the Opportunity to Take All Sewing-Machines of the Factory Away [Wan Sida / Siao Pao Factory – Phnom Penh]
• Two Thai Men, Who Drove a Car and Crashed into a Truck Loaded with Wood from Behind, Died Immediately on Road 67 B in Srae Nouy Commune [Siem Reap]

Khmer Machas Srok, Vol.3, #341, 11.2.2009

• Opposition Party [the Sam Rainsy Party] and Civil Society [the Cambodian Independent Teachers’ Association] Criticize the Creation of a National Education Council [saying that it is useless because its tasks are already the responsibility of the Ministry of Education]

Khmer Sthapana, Vol.2, #200, 11.2.2009

• Businesspeople Inside and Outside of the Country Gather Force to Promote the Real Estate Market in Cambodia
• National Education Council Is Created to Monitor the Quality of Education of State and Private Universities
• The Norodom Ranariddh Party Will Hold a Congress to Change Its Name on 15 February 2009 [as planned by one of its factions]

Koh Santepheap, Vol.42, #6575, 11.2.2009

• There Is Logging, but There Is No Replanting; In the Middle of Botum Sakor National Park’s Buffer Zone, Trees Are Being Cut Down [Koh Kong]
• More Than 13,000 Tourists Visited the National Museum in 2008
• Poland Feels Hurt after Pakistani Taliban Beheaded a [Polish] Hostage

Mate Nak, Vol.2, #20, 11-17.2.2009

• Cambodia Will Launch a Stock Exchange Market This Year

Moneaksekar Khmer, Vol.16, #3684, 11.2.2009

• Mr. Sam Rainsy Is Disappointed with the Hun Sen Government That Delivers More Than 10,000 Hectares of Land to a Company from Kuwait [to establish an agro-business]

Rasmei Kampuchea, Vol.17, #4818, 11.2.2009

• The Cambodian Association of Travel Agents Wants the Government to Reduce Prices of Some Services [such as visa fees, airport taxes, tickets to visit different tourist sites] to attract tourists while the financial crisis is strongly threatening tourism from countries in the region]
• The Khmer Rouge Tribunal Forbids that People in the Audience [allowed to participate in the hearing of former Tuol Sleng Prison chief Kaing Gek Eav on 17 February 2009] Wear Shirts with Slogans Supporting or Attacking the Khmer Rouge Case
• The Cambodian Center for Human Rights Encourages the Government to Support Freedom of Expression
• The Owner of the Viva Tinouy Factory [phonetic] Runs Away from [around 1,000] Workers with US$200,000!
• Health Official: The Quality of Cancer Treatment in Cambodia Is Not Lower Than in Other Countries
• Japan Grants Nearly US$3 Million to Two Projects [irrigation in Kompong Speu and infectious disease control]

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