- June 24, 2019 10:31 AM
- December 8, 2023 3:03 PM
- November 30, 2023 2:45 PM
PHNOM PENH — At least 400 homeowners who failed to pay some of their installments and had their homes confiscated have reached out to the Council for the Development of Cambodia (CDC) and the Real Estate Business and Pawnshop Regulator (RPR) for support, said Chou Vannak, director general of the Real Estate Business and Pawnshop Regulator at the Ministry of Economy and Finance.
The government has set up an inter-ministerial committee and will invite homeowners and property developers to discuss and find solutions, he said on June 23, speaking at a roundtablediscussion on the situation of the real estate market in the country, which was taking place at the Royal Academy of Cambodia. “We will review the complaints one by one and invite the homeowner and the company to discuss the problem and find a solution to what they want,” he explained.
For example, if Person A, whose house was confiscated, wanted to continue paying hisinstallment payments or wanted to pay the whole house all at once to get the property title, the committee will note this down and negotiate an agreement, Vannak said.
On June 9, 2023, Prime Minister Hun Sen ordered that property developers stop confiscating the home of a homeowner who had been unable to pay installment payments for a few months due to the economic crisis.