May 21, 2019
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Succumbing to wish
Chinese dominance in Cambodia beginning to unfold China is in full flow in Cambodia and every footprint of foreign looks what the Chinese government would like to see. China has pushed US, Japan and Singapore and Taiwan as Cambodia’s prime investors. It is all China but there is a simmering crisis fast emerging as per IMF data Cambodia could very soon be a defaulter under the burden of Chinese debt which has got high interest rates and go bankrupt like Greece.      Chinese investment in Cambodia has created a lot of employment opportunities. The Council for the Development of Cambodia says China has been the biggest source of foreign direct investment since 2011, with the cumulative total during the period until early December reaching $4.9 billion. New buildings are going up seemingly everywhere, and the bulk are being funded with Chinese money. One of the most notable projects is One Park, or Phnom Penh No. 1, as the commercial and residential complex is called in Chinese. Heading the undertaking is Graticity Real Estate Development, a lesser-known developer based in Beijing. The first phase is being built on 7.9 hectares of reclaimed land once covered by Boeung Kak Lake.   The total cost of the project is unknown, but the construction fees alone will amount to $130 million, according to the state-owned China State Construction Engineering Corp, who won the contract. Another 11.1 hectares of reclaimed land has been set aside
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