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Cambodia’s economic growth attracts more Chinese capital

(People's Daily Online)    11:24, July 07, 2018

Phnom Penh, Cambodia's capital

Cambodia's economy has developed rapidly over recent years, which in turn has attracted more Chinese real estate enterprises and house buyers, thepaper.cn reported on July 6.

Cambodia, as a war-torn country of 20 years, was once regarded as one of Asia's least developed countries, but is now becoming a hotbed for Chinese investors.

“Many Chinese people have bought houses here in the last year,” said a Chinese man with the assumed name Zhang Guangsheng, who has lived in Cambodia for 13 years.

A World Bank report says that Cambodia’s GDP maintained an annual growth of 7.6 percent between 1994 and 2015, topping all ASEAN countries. With a population of only 15 million, it has grown to be one of the strongest and most stable countries in the world in regards to economic growth.

Cambodia’s economic rise is closely related to China’s economic growth and assistance.

For many years, China has been offering free aid and concessional loans to Cambodia. It invested $1.3 billion to help Cambodia build 2,301 kilometers of roads, and helped the country with infrastructure construction including bridges, irrigation systems, power transmission facilities and dams.

As an important country along the Belt and Road Initiative, an increasing number of Chinese investors are putting their money into Cambodia, injecting new impetus into the country’s economy.

As of 2017, 3,052 real estate projects were under construction in Cambodia, with a total construction area of 10 million square meters and an investment of $6.4 billion, according to a report released by Cambodia’s land planning and construction department.

The report also reveals that China has become the largest investor in Cambodia’s real estate industry, with over 200 Chinese enterprises involved in the country's industry.

An employee at a Chinese real estate development enterprise in Cambodia noted that about 70-80 percent of house buyers in Cambodia are Chinese, among which most are from China’s first-tier and coastal cities such as Beijing, Shanghai and Guangzhou.

The stabilizing political situation, good investment opportunities and favorable policy in Cambodia are all believed to contribute to Cambodia's attractiveness to Chinese investors.

For example, the country’s development has outpaced that of other ASEAN countries including Singapore and Thailand. The percentage of people aged below 34 accounts for over 70 percent of its total population, with an unemployment rate of only 0.55 percent. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hongyu, Bianji)

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