Rasmei Kampuchea newspaper
Translated from Khmer by Socheata
According to a government official, the government is mulling about the modification of the law to allow foreigners to own real estate properties (immoveable properties) in order to attract more foreign investors.
Chea Sotheara, the secretary of state of the Ministry of Land Management, Urban Planning, and Construction, told the audience during a meeting between the tax and control legislation working group and the private sector which was recently held at the Ministry of Economy and Finance that the registration of real estate ownership for foreigners is a usual request made by the private sector, and the Ministry of Land Management, Urban Planning, and Construction is looking into this issue because it is a very important factor for attracting foreign investors into Cambodia.
Following the meeting, the working group issued a declaration stating that in order to push for a fast and smooth outcome of this issue, the meeting agreed to request the Ministry of Land Management, Urban Planning, and Construction to set up a special working group to perform a study to provide an opinion and to find a resolution to this issue, with the participation of the private sector.
Nevertheless, the plan to allow ownership of real estate properties by foreigners is an idea advanced by the government only.
A government official from the development council of Cambodia said on Friday 25 May that the idea of granting real estate ownership rights to foreigners is an old request made by foreign investors. However, the constitution of the Kingdom of Cambodia, and the land law already state that only a physical person with a Cambodian citizenship have the right to own real estate properties.
Chea Sotheara, the secretary of state of the Ministry of Land Management, Urban Planning, and Construction, told the audience during a meeting between the tax and control legislation working group and the private sector which was recently held at the Ministry of Economy and Finance that the registration of real estate ownership for foreigners is a usual request made by the private sector, and the Ministry of Land Management, Urban Planning, and Construction is looking into this issue because it is a very important factor for attracting foreign investors into Cambodia.
Following the meeting, the working group issued a declaration stating that in order to push for a fast and smooth outcome of this issue, the meeting agreed to request the Ministry of Land Management, Urban Planning, and Construction to set up a special working group to perform a study to provide an opinion and to find a resolution to this issue, with the participation of the private sector.
Nevertheless, the plan to allow ownership of real estate properties by foreigners is an idea advanced by the government only.
A government official from the development council of Cambodia said on Friday 25 May that the idea of granting real estate ownership rights to foreigners is an old request made by foreign investors. However, the constitution of the Kingdom of Cambodia, and the land law already state that only a physical person with a Cambodian citizenship have the right to own real estate properties.
21 comments:
The thieves steal the land and then open the market to foreigners to jack up the price.
The CPP politicians would sell their mothers if the price was right.
Why should they care about Cambodia?
AH HUN SEN Vietcong slave allowed the fucken Vietcong to own Koh Tral already through illegal treaties!!What is next?
lol to 3:44.
To let land be hold by foreigners is important issues. Let'us serously think about it. Sarcastic comments might work sometimes but not at all when we talk about the interest of the country.
It will be very appreciated if KI media posts also the information about the expulsion of Cambodians from the US.
To let foreigners to control our land is the dangerous policy. We should know that the importance for them is PROFITS. To have profits, they have to be sure that their businesses are certain. So, the good governance that garantee the certainty of business environment should be focused rather than sell our country. I hope the government officials at the ministry of Land management and urbanization put the interest of our country on the top.
Nak Angkor
Phnom Penh
Huh? they are owning land now in Cambodia, just not on papers. In fact we all know this in PP. The number one speculator right now is the Korean. In fact they are making millions from speculation. Also, an example of a recently announced plan of $2 billion USD investment by a korean company building a "Camco City" in Pong Peay Lake is a case in point. This is common knowledge. The korean own the land and their speculation power shifting the land price and speculation regularly in Cambodia.
Hey guys, just curious, can
foreigner owns land in the US? I
know they can't in China, Burma,
Vietnam, or Loas, at this present
moment.
Just of the top of my head, I
don't think it is a good idea, but
I want to think about it some
more, and I need as much
information as I can get.
9:30
Yes, foreigners can own land in the U.S. You got money they will sell you anything, incl. the Empire State Building, which was once owned by the Japanese.
I would like to buy and own land in Cambodia to build a small hotel but if I can't pass it on to whomever I want I must think twice about. Now the Cambodian government gives 99-year leases, which is long enough one should think. One way or the other, you got the speculators in Cambodia already, mostly South Korean and Taiwanese. They use a front man and buy and sell at their heart's delight, driving up prices like crazy. What's going in Cambodia real estate is just plain crazy right now. This is not to build and help the economy it will only benefit the foreign speculators. The money will not stay in the country, it ends up abroad and in the pockets of the government officials who grabbed the land in the first place. So, should foreigners be able to buy land there. A definite no, because this drives up prices even further making it unaffordable for the average Khmer, it's beyond reach for most of them already anyway because of that speculation. Manufacturers can lease the land. That's still the only and best option. You might want to make exceptions for single family homes for foreigners who want to retire in Cambodia. In Thailand you have quite a few those, but they can buy only condos. This is a foreigner speaking. 25 years from now the picture might look different.
Thanks a million, 10:29, for your
input, and Yes, I agree with every
you said.
However, my must say, "WOW! the
Japanese used to owned the American
symbol!" That is very fascinating.
And who said the Japanese can't
conquered America? LOL, they are
indeed the best of the best!
The heirs of the Japanese gangster who bought the Empire State Building sold it back to some shrewd New Yorkers ten years later at a loss.
So you guys intereted in some real estate?
Hmm ... lost in real estate in NYC.
That is hard to believe. Could you
give me your theory behind this
phenomena?
The theory behind that phenomnenon? That's easy: the price of real estate can go up as well as down! In Cambodia, since land ownership has been allowed, prices have gone up and up. Land prices now are artificially high because of speculation. One day, perhaps because of a financial crisis or a war in another part of the world, prices may come crashing down.
Yes, the theory is there's always a crash following any boom in real estate.. and 10:29PM was dead right about it.
What Cambodia real need is investment . But under the present regulations no serious western Europe company will ever think about to share her technology and invested and share capital may with a unknown person .
51% of the company have to be owned by a Khmer to have the right to own land .
Where will you find a Khmer to be able and willing to invest millions of Dollars in a foreign company ?
Now where will the Cambodian worker and there children find work now and in the future ? Unemployment growing in an uncontrollable number . Workplaces disappear and well educated Khmer moving overseas .
Cambodia are unable to provide the development to industrialize the country even on a very basic level. What is left is agriculture and slave work in the garment industry .
Also a opening of the real estate market to foreigner bring up the value of the land what enables Khmer to lend capital on the land they own to may build up a own industry .
If the banks know there is a market and a value , they been willing to lend money .
In the present , Cambodia are in a paralyzed situation where only speculation on land and short term profit are in the mind of the foreign investors , mostly from Asia .
In the moment only foreigner can buy land after taking citizenship of Cambodia , 250.000,00 US Dollars . But who owns the land after this person dies ???
How is the situation in the most countries in Europe ? No regulation at all , foreigner can buy what they like . How are in Australia and New Zealand ? Foreigner can by land and industrial properties without any restrictions . Restriction only on residential properties in Australia .To buy some land and build , no problem.
In USA , no restriction , investors very welcome .
If the government of Cambodia like to do some thing for the Khmer people ,
open the market for real investors and stop the land speculation .
A.P.Goebel Germany gsa@z6.com
A. P. Goebel
I am 10:59 above. As a foreigner you can own a company in Cambodia, just not the land. So the country is theoretically open to foreign investment. If you need land, you can lease it for 99 years. Land ownership is not automatically tied to investment in industry or other sectors. The deeper problem is the government itself. As long as there is this land-grabbing going on on that scale (see story about Sihanoukville where land is to be given to an army officer) you won't end the speculation. If you allow land to be owned by foreigners you will only exacerbate the situation. So for the time being it's better this way. Most Asian nations have the same laws, e. g. neighboring Thailand and Vietnam, and they both have substantial foreign investment in all sectors. Vietnam wouldn't be able to survive without that. And you can't really compare the industrialized world with Cambodia.
J. Engel. FL USA (jengel111@swfla.rr.com)
Thank, for your great input, 10:02.
Allow me to bounce an idea off you:
We all know Japan is running out of
land. What is wrong with allowing
japanse people (not all nationals)
to own our land and help us develop
our country. I don't think they
will go back to their overcrowded
Japan island with the profit. They
will stay here with us forever.
Perhaps, we can implemented this
by make it easy from them to get
a Permanent Residency or
citizenship here. What do you
think? And everyone is invited to
argue this point.
1:37
Actually this has happened throughout history in all of SE Asia, not with the Japanese but with the Chinese. The Chinese have migrated from their homelands to other parts of SE Asia (and the rest of the world, for that matter) for ages. Over time they assimilated to a large degree, but not completely, so as to make good citizens. Officially Khmer constitute 97% or so of the population in Cambodia, but if you look more closely, there is a lot of Chinese ethnicity in a lot of people. Nothing bad with that. These other ethnic groups have lived in Cambodia for generations and have become Cambodians first, and Chinese second (as happens everywhere in the world, e. g. the U. S., France, Germany, etc.) But I doubt whether you would get a lot of Japanese with good know-how and maybe some money to settle in Cambodia. They are a very proud people and accustomed to being one of the most advanced people in the world. You would only create a new ruling class in Cambodia. I don't think this would be a good idea. I am not nationalistic but after this country's recent history, Cambodia needs to be Cambodian-Khmer first. And it is the responsibility of the countries that contributed to destroying it to help re-build it. This, however, is an all but impossible undertaking - to get all the countries involved to see their past mistakes and misdeeds. I believe the Japanese are doing quite good in helping Cambodia with foreign aid at present, though I am sure it is with something else in mind too - retaining part of their dominance in Asia.
Ok! sele the whold country to Vietname mother fucker!
we will have your children pay back for it!
Correct, 10:08, however, I must
say the chinese never attempt
to wipe out any culture in their
path. It is only an illusion
because of large number of them
concentrated in a certain area.
Sigapore is dominated by Chinese,
but their is no complaint of abuse
toward the Malay nor Indian. Many
of chinese people dissaproved their
kid from marrying with foreigners.
Only a small fraction manage to
interbred with foreigner. That is
why Khmer culture and other are
saved. I don't think the Japanese
will we different either. It will
be great if they can join us, but
we can forced them to do anything.
Plus, I think japanese preferred
Westerners over asian, but we'll
accept what we can get. I believe
we will developed much better
with Chinese, Korean, and Japanese
among us. Plus, it will all
allowed the three rivals to start
to learn to kiss and make up over
their past ugly history as well.
10:43, we're not talking about
vietnamse, but if you want fast
development for Cambodia, we need
some competion among immigrants.
And don't worry, I am telling you,
once the khmer people get rolling,
we'll be second to none.
4:24, bravo for the tough talk, but im afraid it is just hot air, no offence. historically the chinese were ancient master entrepreneurs and the vietnamese were tough and smart cookies. and it is true that when the japs or koreans get rolling, nothing stops them; so sorry but i cant say the same for the rest.no hard feelings?
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