Property News Roundup 23rd September 2024
We’re delighted to share the weekly news highlights below.
- China’s Economy Softens in August as Beijing Continues to Grapple with Lagging Demand
China’s economy softened in August, extending a slowdown in industrial activity and real estate prices as Beijing faces pressure to ramp spending to stimulate demand. China has been grappling with a lagging economy post-COVID, with weak consumer demand, persistent deflationary pressures, and a contraction in factory activity.
16 September 2024 | Kiripost | Link: https://tinyurl.com/86658xfu
- Hotel properties in Japan, China, draw investors as travel fervor improves return
Hotels are proving to be the darling of many investors across the globe, as consumer zeal for travel continues despite economic uncertainties. Top reasons cited for increased hotel investment included expectations of higher returns, price adjustments, distressed opportunities and a lower cost of capital.
16 September 2024 | Source: South China Morning Post | Link: https://tinyurl.com/ywwkzzeu
- Cambodia spends more than USD62 million to build three more buildings at Calmette Hospital to strengthen health
ambodia is investing over $62 million to construct three new buildings at Calmette Hospital, aimed at enhancing health service delivery. The groundbreaking ceremony for the construction site took place on September 16, 2024, under the presidency of Prime Minister Samdech Moha Bovathibodi Hun Manet.
17 September 2024 | Construction & Property | Link: https://tinyurl.com/2amvmrwc
- Cambodia’s public debt stands at $11.27 billion
Cambodia’s public debt stood at $11.27 billion by the end of the second quarter of the year. As much as 47 percent of the public debt is in US dollars while Special Drawing Rights (SDR) constituted 19 percent, Chinese yuan 11 percent, Japanese yen 11 percent, euro seven percent, and local/ other currencies five percent.
17 September 2024 | Khmer Times | Link: https://tinyurl.com/bdzzu8r6
- PwC invests in ‘high quality’ China business to ensure survival after US$62 million fine
PwC was hit with a six-month suspension and a fine of 441 million yuan over the firm’s audit of failed property developer China Evergrande Group. They are PwC is making “tangible investments” to ensure the Big Four firm has high quality and sustainable business in China.
18 September 2024 | South China Morning Post | Link: https://tinyurl.com/554dkrw7
- The lure of the living sector: How the APAC living sector is attracting investor attention
While the living sector in Asia Pacific is still in the early stage, accounting for 6% of property investment volumes, there is a vast opportunity for investors looking to diversify their portfolios across the region. The sector is attracting investor attention, driven by growth of the region’s expatriate population, low homeownership affordability, and the effectiveness if rental residential investment as an inflation hedge.
18 September 2024 | Real Estate Asia | Link: https://tinyurl.com/2ydt2ers
- ASEAN economic ministers highlight need for foreign investment
The 56th ASEAN Economic Ministers’ Meeting has engaged in discussions around ways to make ASEAN more attractive to foreign investors. “The regional and international economic and financial situation continues to face instability affected by the spread of Covid-19, climate change, and political conflicts in the region and internationally. This requires us to strengthen unity and cooperate closely to find appropriate measures to solve those challenges and simultaneously implement the ASEAN slogan for 2024 ‘ASEAN Enhancing Connectivity and Resilience’,” Mr Malaythong said.
19 September 2024 | The Phnom Penh Post | Link: https://tinyurl.com/5xsuf6u8
- Cambodia Sees 59% Surge in Iron and Steel Imports, Totalling Over USD404M in 2024
Cambodia’s iron and steel imports soared by 59.2% in the first eight months of 2024, with the country importing more than USD404 million worth of these materials, a substantial increase from the same period 2023. The steady rise in iron and steel imports is indicative of Cambodia’s expanding construction sector, which remains one of the key drivers of economic growth.
20 September 2024 | Construction & Property | Link: https://tinyurl.com/k37593ap
- NagaCorp-commissioned review finds Cambodia’s main short-term risks are economic, not political
The findings of the review by Political & Economic Risk Consultancy, Ltd are set out in NagaCorp’s Interim Report, released Thursday, and paint a picture of a Cambodian economy that has “moved beyond” the COVID-19 pandemic but has not returned to its pre-pandemic levels.
20 September 2024 | Source: The Cambodia Daily | Link: https://tinyurl.com/mphyt5et
- Two more airlines to connect to Siem Reap Angkor International Airport next month
Thai Airways and AirAsia will connect regular flight service to Siem Reap Angkor International Airport (SAI) in October. Thai Airways will start the daily Bangkok-Siem Reap route starting October 27 while AirAsia will start its air service between Phuket and Siem Reap on October 29.
20 September 2024 | Khmer Times | Link: https://tinyurl.com/75azucac