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Post Info TOPIC: Cambodia allows foreigners to own property.
Laos2beLaos


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Cambodia allows foreigners to own property.
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PHNOM PENH, CAMBODIA (AFP) - 04 Dec. 09 -

The Cambodian government on Friday approved a draft law allowing foreign ownership of buildings such as apartments and office buildings to boost economic growth, the country's cabinet said.

The draft law approved in a meeting chaired by premier Hun Sen was aimed at "attracting investors, facilitating the growth of real estate market, and pushing the development", a cabinet statement said.

But Information Minister and government spokesman Khieu Kanharith said foreigners will be permitted to own only buildings and apartments, not the land beneath them.

"We will allow foreigners to have ownership of buildings from the first floor up," he told AFP.

The draft law is expected to be approved by Cambodia's parliament and senate, and then will be promulgated by King Norodom Sihamoni.

The move comes after the private sector in recent years urged the government to allow foreign ownership of properties such as apartments or factories, saying a liberalised real estate market would spur the economy.

Under the current rules, foreign property investments can only be made through the name of a Cambodian national, and many are unwilling to risk losing their assets to potentially unscrupulous local partners.

The cash-strapped country's investment law was amended in 2005 to allow foreign ownership of buildings, but the legislation had yet to be implemented and the initiative floundered.

Despite current restrictions, billion-dollar skyscraper projects and sprawling satellite cities promising to radically alter Phnom Penh have bloomed over the past few years.

But many projects have been halted or slowed down as Cambodia has been buffeted by the world financial crisis after several years of double-digit growth fuelled mainly by tourism and garment exports.

The International Monetary Fund in September predicted Cambodia's economy will contract 2.75 percent this year amid the slowdown.




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Tobias G


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that's quite dangerous to let the foreigners own land properties

however, that's would help Cambodia economy run faster

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Speak-out

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Tobias G wrote:

that's quite dangerous to let the foreigners own land properties

however, that's would help Cambodia economy run faster



 What's up Tobias-G ?? long time no see, Where have you been??  you've disappear for a while. anyway, That's very dangerous to allow the foreigners to own a pieces of land and property. But as you know, the Cambodian government allow the foreigners to own only building, or Appartment, not the land. Remember, they learned from Thailand. Pattaya and Phuket, you know what i'm talking about, right.



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Tobias G


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Speak-out wrote:

 

Tobias G wrote:

that's quite dangerous to let the foreigners own land properties

however, that's would help Cambodia economy run faster



What's up Tobias-G ?? long time no see, Where have you been?? you've disappear for a while. anyway, That's very dangerous to allow the foreigners to own a pieces of land and property. But as you know, the Cambodian government allow the foreigners to own only building, or Appartment, not the land. Remember, they learned from Thailand. Pattaya and Phuket, you know what i'm talking about, right.

 


Long time no see der, mr.speak-out! I have been to Ho Chi Minh, Vietnam for a holiday. I'm glad that you remember me. Right now, our Samakomlao web is quite busy biggrin I think it is because of Laos' SEA Games. 

Talking about Pattaya and Phuket, I think bacause of a few local politicians that want to eat a great deal of money so that's why they fell for it! I have been to Phuket last year. I don't like what I see because they are building houses on mountain that really ruins the natural scenes. When it's raining, there will be flood in the town because the mountain was ruined and unable to hold water. Anyhow, Phuket is still very beautiful to me nonetheless.

 



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niya


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