Hello, welcome to Construction & Property weekly news. Every week, we bring hot news regarding construction and property in Cambodia to you. With no further delay,
let’s go to the news contents of this week. Phnom Penh has doubled in size Cambodia drops six places on Doing Business
2020, though construction improves IMF researchers advise Cambodia to tighten lending
measures on real estate amid high credit growth Online real estate marketers buzzing
as Cambodia’s e-commerce law approved CCA participates in Conmart-Expo in China
to promote Cambodia’s construction industry Phnom Penh has doubled in size With strong economic growth and rapid
development projects across the city, Phnom Penh has doubled in size, according to Prime Minister Samdech Techo Hun Sen during the Cabinet Plenary Session held on 25 October. Samdech was also pointing that garbage has become the main
issue and needs urgent measure to address it. One company is not enough, before Phnom Penh previously covered
more than 300 square kilometres, now the city has gone up to more than 600 square kilometres. In addition to the garbage problem, Samdech Hun Sen also said that
parking is a major problem facing as the city is developing rapidly. Cambodia drops six places on Doing Business
2020, though construction improves The recently published Doing Business 2020 from World Bank shows that Cambodia ranks 144 out of the 190 rankings, reflecting a drop of 6 places compared to the ranking in 2019. Despite the drop in the overall ranking, the report noted that Cambodia made dealing
with construction permits less costly by reducing the fees of obtaining a building permit. In 2020, Cambodia scored 44.6 in dealing with construction
permits, an increase of 0.4 in percentage change compared to 2019. Another aspect Cambodia has progressed
is toward getting electricity. In addition, improvement for the 2020 ranking
can also be seen in the resolving of insolvency as the country adopted its first law regulating
the bankruptcy of private enterprises, which introduced a reorganisation procedure
to restructure insolvent companies. IMF researchers advise Cambodia to tighten lending
measures on real estate amid high credit growth New End-of-Mission statements by the staff
teams of the International Monetary Fund advises Cambodia to tighten its lending
measures on the real estate sector amid the booming industry and high credit growth. According to an IMF press release, Cambodia’s GDP growth remains positive
standing at around 7% in 2019, yet further policies are needed to address
elevated financial sector vulnerabilities. IMF staff teams said that lending by real-estate
developers remains largely unmonitored and unregulated and official data on real-estate prices are not yet available. To avoid the risks, IMF advises priority measures include include implementation of targeted policies, such as higher risk weights and provisioning requirements for real estate lending as well as introducing a prudent aggregate loan-to-value limit. Online real estate marketers buzzing
as Cambodia’s e-commerce law approved Real estate marketers will develop
online digital platforms to promote sales after the Cambodian National Assembly
approved the draft law on e-commerce. Speaking at the Property Market Update event on 25 October, Chairman of Vtrust Appraisal Mr. Kuy Vat views online marketing as a vision for growing
and promoting real estate sales in Cambodia. Having a map with prices for specific
real estate areas is the first priority priority to make it convenient for people to
easily access information about real estate. Cambodia’s draft law on e-commerce
has been approved after preparation from the Ministry of Commerce with
help from the Asian Development Bank. The law on e-commerce will play an important part
in helping Cambodia’s Digital Government Strategy. CCA participates in Conmart-Expo in China
to promote Cambodia’s construction industry The Cambodia Constructors Associations has
participated in the Conmart-Expo in Guangzhou, China to promote Cambodia’s construction industry to
exhibition visitors and potential trade partners. Conmart-Expo 2019, which was held in August 2019, focused on international trade, e-commerce, auction repair & maintenance, remanufacturing of whole machinery, and implements for the construction machinery. CCA Secretariat General Manager Mr Chhiv Sivpheng said that many trade goers showed interest
in Cambodia’s construction industry especially about doing business in the country. CCA representing more than 160
construction-related companies in Cambodia also holds Cambodia’s largest construction exhibition every year. Dear audiences, Construction & Property weekly news has come to the end. . Thank you for spending time with us. We will come back to you next week. I’m Bun Saosopheakneath,
and our staffs thank you again and goodbye.