2008-05-26
PHNOM PENH, May 26 (Xinhua) -- A senior Cambodian official has told investors developing islands to speed up their projects, warning that they must not divide their land concessions into plots for resale, local media reported Monday.
"Investors should not construct houses or villas for sale. They have to establish hotels or resorts to attract tourists to Cambodia," Keat Chhon, Cambodian Minister of Economics and Finance, was quoted by the Mekong Times as saying.
"We will not allow companies to violate their contracts," he warned.
The Cambodian government has granted permission for private firms to construct resorts worth billions of dollars on 10 islands off the coast of Sihanoukville and Kampot.
However, only a few sites are currently under construction, with rumors that companies are violating their contracts to build luxury residences for sale.
Sihanoukville governor Say Hak has previously warned that investors will lose their deposit and have their islands confiscated if development is too slow.
Editor: Gao Ying
PHNOM PENH, May 26 (Xinhua) -- A senior Cambodian official has told investors developing islands to speed up their projects, warning that they must not divide their land concessions into plots for resale, local media reported Monday.
"Investors should not construct houses or villas for sale. They have to establish hotels or resorts to attract tourists to Cambodia," Keat Chhon, Cambodian Minister of Economics and Finance, was quoted by the Mekong Times as saying.
"We will not allow companies to violate their contracts," he warned.
The Cambodian government has granted permission for private firms to construct resorts worth billions of dollars on 10 islands off the coast of Sihanoukville and Kampot.
However, only a few sites are currently under construction, with rumors that companies are violating their contracts to build luxury residences for sale.
Sihanoukville governor Say Hak has previously warned that investors will lose their deposit and have their islands confiscated if development is too slow.
Editor: Gao Ying
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