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AUGUST-2010 – 11^th ISSUED

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Construction: Materials rise slightly in first half

Construction THE value of construction material imports increased a modest 3.14 percent in the first six months of the year, compared to 2009, according to figures released by the Ministry of Commerce yesterday. According to a CamControl report, 254,839 tonnes of construction materials worth US$92.9 million entered the country in the first half, up from 233,586 tonnes worth US$90.1 million in the first half of 2009. General Manager of Khmer Construction Building Materials, So Chandara, said yesterday that sales had improved, as some construction projects had restarted after a difficult year. Lao Tip Seiha, director of construction department at the Ministry of Land Management, emphasised that smaller developments of less than 3,000 square metres were seeing growth. Source From: Phnom Penh Post

Property tax launch is set for launch in 2010

Buyers of constructions worth more than $25,000 are set to pay new levy if Ministry schedule goes ahead as planned THE government is set to launch a new property tax by the end of this year, officials at the Ministry of Economy and Finance said Monday, in a move which has reportedly sparked protest in Cambodia’s capital. Under the Finance for Management Law, passed in November, purchasers of constructions worth more than 100 million riels (around US$25,000) will be required to pay an annual tax worth 0.1 percent of property value. “We are preparing a prakas to establish a committee to evaluate property and we will start implementing tax collection in the end of this year, as the National Assembly requires,” Norng Piseth, chief of the Real Estate Division at the Ministry of Economy and Finance, said Monday. Source From: Phnom Penh Post

Analysts expect property prices to fall in second half of 2010

Residential property prices in China’s major cities are expected to fall later this year because of the government’s tightening campaign and a coming surge in housing supply, it is claimed. The government will not end its clampdown on housing speculation even as the economy slows and developers who try to resist lowering prices are being unrealistic, according to Wang Shi, chairman of Vanke, the country’s top listed developer. ‘Property prices in some cities have risen to levels unacceptable to the middle class. Many developers who do not cut prices now are making a bet on policy,’ said Wang, suggesting that they were hoping that Beijing would back down on its property controls. Vanke and other big developers, including Evergrande and Greenland, have cut prices, boosting their sales. The value of properties sold by Vanke in July rose 65% from a year earlier. Source From: Property Wire

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