Cambodia's one-year delay in building a real estate project, nearly 100 home buyers fear the end of the group to safeguard their rights.

Cambodia's  real estate industry is developing vigorously.Many people from home plan to invest in Cambodia and buy houses to catch up with the were of Cambodia's development.It is a wise choice for many people to allocate assets abroad. But recently, nearly a hundred compatriots from Taiwan, China ,have been unhappy.

According to Mr. Chen (alias), a developer named 4SEASON developed a building near the Independent Stele of BKK1 District in downtown Phnom Penh. It was alleged that after a shareholder from Taiwan became a Cambodian citizen, he planned to develop the building with other shareholders.

According to the source, they set up a sales office in Taipei to attract Chinese investment by publicizing Cambodia's 7%-8% return on investment and good future development.

From May and June 2017 to the end of 2017, they sold 134 units in Taiwan in the form of house-to-house, with prices ranging from $300,000 to $600,000. More than 100 households from Taiwan purchased the property, signed a purchase agreement in Taipei, and paid 15% of the contract. Most of them have never been to Cambodia.

In October 2017, Four Seasons Company held a construction ceremony at the site of Phnom Penh project. Developers unanimously declared that it would be completed in December 2020. However, it has been more than a year since the start ceremony, and the real estate project has not started.

Mr. Chen contacted property developers with other partners, demanding cancellations of agreements or refunds, and even sent lawyers letters to them at home, but developers have not responded positively.

As a result, nearly 70 of the 134 households have set up a self-help Association and sent several representatives to Phnom Penh to find real estate developers to discuss their views. When you look at the project site, there are weeds in the construction site. They helplessly pulled banners on the project to protest their rights, demanding compensation or termination from real estate developers.

Mr. Chen said that they were optimistic about the Cambodian market, but did not expect to choose the wrong developer, which led to the current situation. If things can be resolved smoothly, they are still willing to invest in Cambodia, and think that most real estate developers in Cambodia will not be like this developer.

Developer response:the situation is true ,is actively solving.

After receiving the explosion , the reporter contacted the real estate developer by telephone. The staff of the company said that the situation reflected by the informants was true.At present ,there are problems. among the shareholders in their company ,and they also want to solve them as soon as possible ,but there is no specific plan. When asked if they could refund their money, the other party said that their company was actively trying to solve the problem.

I hope this matter can be settled satisfactorily as soon as possible. Here, Xiaobian reminds you that when choosing to invest in real estate, we should make a detailed investigation beforehand, try to select the real estate developers with strong strength, and pay attention to the potential investment risks.