Chinese Money Is Driving One of Asia’s Fastest Property Booms

Phnom Penh, once known for its French colonial villas and modernist “New Khmer Architecture,” is becoming unrecognizable.

Cambodia’s capital may be experiencing one of the world’s fastest property booms — thanks to Chinese builders and buyers.

When Chinese President Xi Jinping arrived in Phnom Penh in October 2016 to expand the footprint of his Belt and Road initiative, he brought in tow more than 200 Chinese investors eager to fill the Cambodian capital’s skyline with billions of dollars in new properties.

Now, a city once known for its French colonial villas and modernist “New Khmer Architecture” in the 1960s is becoming unrecognizable. Heritage structures are being replaced with expensive high-rise condominiums in a city where the median household income is only around $11,000 per year.

Read the full story: https://www.bloomberg.com/news/features/2018-09-10/chinese-money-is-driving-a-property-boom-in-cambodia

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