FINDING THE MONEY
Finding financial backers and partners for the multi-billion dollar task comes at a time when China has tightened its budgetary controls abroad, which was previously a big supporter of Cambodian infrastructure projects.
Onlookers are concerned about where the enormous sources of funding needed to fund the Bay of Lights may come from because of Prince’s potential problems and the smooth but stable relationship between Beijing and the new Cambodian government, led by Mr. Hun Sen’s boy, Mr. Hun Manet.
According to Mr. Sophal Ear, interact teacher of the international political economy at Arizona State University and expert on Cambodia-Chinese relations,” the spout has stopped, and everyone who lived off of it is living on credit.”
It also seems plausible to say that these purchases are changing. This change could become due to changes in China’s personal economic plans, global economic conditions, and Cambodia’s regulatory environment.
” The fresh Manet government’s approach to managing relationships with effective Chinese groups may be symptomatic of Cambodia’s future economic and diplomatic way, “he added.
Canopy Sands said it has” actively engaged with a diverse group of international buyers “beyond China, from Singapore, Korea, Japan, the United Arab Emirates, Indonesia, and Thailand”, showcasing the site’s world charm and its ability to redefine industrial living”, according to Mr Chen.
In March, it put pen to paper with UAE- based investment platform, the Annual Investment Meeting ( AIM ) Congress, in an agreement to construct a convention centre within the Bay of Lights and host future investment conferences.
It was a Middle Eastern outfit’s first venture into Cambodia.
” This kind of growth in funding sources could be a good step for southern Cambodia, possibly bringing in new perspectives, innovative technologies, and inventive approaches to development … provided it respects local needs and sensibilities,” Mr Sophal said.
For ordinary Cambodians, there is entrenched uneasiness about the impact of Chinese investments throughout the country, which have left some” out in the chilly”, according to Mr Virak.
” Domestically, I think there’s a lot of pushback against Chinese involvement in investment. If you’re not in it, then you wo n’t like what you’ve seen, “he said.  ,
Your biggest, most significant neighbor in the area has not, in my opinion, been a benefit to you.
Cambodians have been priced out of Sihanoukville, amid a construction boom he said, souring locals ‘ ties with those reaping the financial windfalls.
In recent years, numerous prominent tycoons have been detained for allegedly engaging in fraud in land and construction projects, and thousands of Cambodians have filed class action lawsuits against Ponzi schemes.
The province’s former governor Yun Min spoke of land and property values doubling, or even quadrupling from 2017 to 2018. According to local media reports from 2018 the prices of the rental market increased by up to ten times compared to before the large-scale Chinese market entry.
” That has created a skyrocketing bubble. Right now, construction is having a life of its own,” Mr Virak said.  ,
” It’s become an industry driven by speculation, but also driven by money laundering. People start using construction as a way to clean up their dirty money after a certain demand, he said.
In recent years, large portions of the southern coast of Cambodia have been converted into private land in the name of economic and infrastructure development. Prime waterfront, mangrove forest and national park areas have been carved out for various powerful individuals, conglomerates or overseas investors.