Logo of Phnom Penh Post newspaper Phnom Penh Post - Local realty company enters MoU to bring in more China investment

Local realty company enters MoU to bring in more China investment

Content image - Phnom Penh Post
Zillennium Group chairman Kuy Vat shakes hand with his MCIG counterpart – identified as “Jack Wang” – at a February 16 MoU ceremony. PHOTO SUPPLIED

Local realty company enters MoU to bring in more China investment

Locally-owned real estate firm Zillennium Group announced that it has entered into a “strategic partnership” with Yunan-based “Maocutong [China] Industrial Group” (“MCIG”) to bring in more Chinese investment into the Kingdom.

Zillennium noted in a statement that a memorandum of understanding (MoU) was signed to this end by its group chairman Kuy Vat and his MCIG counterpart – identified as “Jack Wang” – at a February 16 ceremony.

The new partnership “will see both parties providing support to each other, unlocking market potential in Cambodia’s marketplace. The companies will identify relevant stakeholders and market segments, deliver innovative services, and explore market opportunities for prospective business collaborations”, it said.

Wang said in a statement that the two firms plan to consolidate their resources and look into innovative undertakings in fields such as tourism, venture capital, cross-border digital finance and science and technology incubation.

“This partnership with Zillennium Group is a great opportunity for [MCIG] to expand our reach into the Southeast Asian market … By leveraging our expertise and working together with Zillennium Group, we aim to create a stronger, more dynamic marketplace in Cambodia that benefits both companies and consumers alike,” he was quoted as saying.

It also quoted Gao Shan, identified as Zillennium’s “Chinese investor relations director”, as saying: “This collaboration demonstrates our commitment to driving innovation and growth in potential sectors in Cambodia.

“By working together, we aim to unlock the full potential of the marketplace and provide more comprehensive and innovative solutions to the local market. We will deepen our collaboration and provide a model for more Chinese companies to invest in the country,” he added.

The statement billed Zillennium as “a local conglomerate with an ecosystem focused on innovative and tech-driven services in Cambodia’s real estate market … founded in 2018 by a young, energetic team with over 90 years of cumulative experience in real estate and business management”.

Citing the Chinese embassy’s Economic and Commercial Office, the statement put the Cambodia-China trade volume at $14.5 billion for January-November 2022, up 19 per cent year-on-year. This would suggest that 2021’s 11-month total fell in the range of $12.092-12.279 billion.

For comparison, Customs (GDCE) gave a $10.579 billion figure for the merchandise trade over the same period in 2022, which marked a 6.305 per cent rise on a yearly basis from $9.952 billion. Statistical discrepancies and asymmetries in trade figures are common between different sources.

Meanwhile, the National Bank of Cambodia (NBC) is looking into joining the RMB Cross-border Interbank Payment System (CIPS) to provide additional international payment options; facilitate and boost trade, investment, tourism between the two countries through yuan-denominated transactions; and to make management of the Chinese currency in the Kingdom’s international reserves easier.

According to a Ministry of Land Management, Urban Planning and Construction report, the government approved 3,827 construction investment projects nationwide in January-November 2022 with total registered capital of $2.635 billion – down by 98 developments and 49.42 per cent in terms of value over the same time in 2021.

During the period, the ministry and sub-national authorities respectively gave the nod to 202 and 3,625 projects valued at $2.088 billion and $547.21 million, the report said, adding that the projects represent a total floor area of 6.597 million square metres.

From 2000 to November 2022, the government greenlit 61,418 construction investment projects with total registered capital of $68.838 billion and a cumulative floor area of 173.214 million square metres, the report added.

Of these 2,534 projects are categorised as “high-rise buildings”, with Phnom Penh housing the most at 1,675, followed by Preah Sihanouk (685) and Banteay Meanchey (131).


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