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Wing Bank and CBC team up to promote financial access in Cambodia
phnompenhpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from phnompenhpost.com Daily Mail and Mail on Sunday newspapers.
Wing Bank and CBC team up to promote financial access in Cambodia
phnompenhpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from phnompenhpost.com Daily Mail and Mail on Sunday newspapers.
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The condo market was among the fastest growing segments but has since come under pressure due to Covid-19. Heng Chivoan
Did Covid-19 take some heat off Cambodia’s condo sector?
Fri, 30 April 2021
A robust real estate sector, the foreign investment-driven condo segment has come under pressure, but it might be a well-deserved reprieve to correct itself An owner of a real estate asset will not often willingly describe their ownership position as distressed. Instead, a sign of this might be that they are willing to sell the asset at below what they purchased it for, have restructured their mortgage or stopped construction,” James Hodge, managing director of CBRE Cambodia shared in a brief interview last month.
For many, the Covid-19 pandemic brought their years of business to its knees.
In Siem Reap, the tourism capital of Cambodia which posted a 97 per cent year-on-year fall in tourist arrivals as at end-November last year, saw nearly 1,500 hospitality-related outlets close down by September that year.
As for garment manufacturing, an industry that has held up Cambodia’s economy for decades, some 130 facilities have ceased operation.
A check around Phnom Penh would reveal shuttered businesses dotting the streetscape. What’s more, the negative impact is still unfolding as retail businesses, be it a coffee shop, local restaurant or convenient store, progressively ceased operation as the New Year rolled in.
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