Because of the fallout from the global financial crisis and a serious downward revision of Cambodia's economic prospects coupled with the sharp fall in land prices, the cash-strapped Korean companies have abandoned all their projects in Cambodia
- From: Chim <ChimS1@xxxxxxx>
- Date: Tue, 16 Dec 2008 19:32:12 -0800 (PST)
KHMER INTELLIGENCE NEWS
16 December 2008
All Korean-conducted land development projects have been stopped (2)
Over the last few years the most grandiose land development projects
have been conducted by not-so-well-known companies from South Korea.
Because of the fallout from the global financial crisis and a serious
downward revision of Cambodia's economic prospects coupled with the
sharp fall in land prices, the cash-strapped Korean companies have
abandoned all their projects in Cambodia. These include mega projects
such as CamKo City in the North of Phnom Penh (only one tranche out of
four will be completed), the 42-storey Golden Tower on Monivong
Boulevard, and International Financial Complex on Sothearos Boulevard,
next to the Russian Embassy. The concerned companies keep denying
their decision to leave Cambodia in order to avoid a panic from
customers who have "bought" their to-be-built houses or condominiums
and made down payments, but works on the spot have practically come to
a standstill.
.
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