Companies in Hong Kong will help shape the future of Cambodian property.Â
The property market in Cambodia has developed at some pace of late. Responding to demand, the skyline of Phnom Penh has been changing.Â With this acceleration, there have been calls to regulate the market, which is in the pipeline.
Alongside this progression, firms from Hong Kong have been keen to get onboard too. Wanting to team up with local investors on the ground, companies from a range of sectors including infrastructure, professional services and real estate, are wanting to play a part in Cambodia’s development.
Cambodia’s strategic location is part of the reason for this interest. The country benefits from a prime position for China’s ‘One Belt One Road’ development. This vision will open up the power house of China to the Indian Ocean through South Asia, Europe through central Asia, and Mediterranean and Middle East through West Asia. Thus making Cambodia the hub for regional trade.
Secretary for development for the Hong Kong Special Administrative Region, Eric Ma Siu-Cheung, recognises Cambodia’s strength as an emerging market. This applies for a wide range of industries from real estate, construction, manufacturing and agriculture. He commented,Â âHong Kong stands ready to make a substantial contribution to Cambodiaâs nationwide infrastructure development and our professionals are renowned for creative thinking and overcoming adversities in infrastructure construction and real estate developmentâ.
Wanting to share the experience of Hong Kong companies, Siu-Cheung, sees this as the ideal time to venture into Cambodia. Partly as Hong Kong have made considerable effort in negotiating a free trade agreement between Hong Kong and ASEAN countries that includes Cambodia.