Cambodia approves sub-decree of co-ownership regulations

PHNOM PENH, July 31 -- Cambodia's Council of Ministers on Friday

approved a sub-decree of new co-ownership regulations, allowing legal ownership

of individual apartments or condominium ownership, which paves the way for a law

allowing foreign ownership of some property.

The new co-ownership regulations will make it possible to own units within

a larger building without having title to the land it's on, according to the

press release from the weekly meeting of the Council of Ministers which was

presided over by Prime Minister Hun Sen.

"Its objects will guarantee to protect rights of legal holders in

apartments or condominiums for co-ownership," it said, adding that it will

facilitate to management work of co-ownership of apartments and co-owners who

live in the apartments or condominiums.

Moreover, the new regulations will also facilitate co-ownership for sale,

exchange, donation, in-heritage, permanent rent, and collateralizing of the

private parts as personal ownership. The sub-decree, with seven charters and 27

articles, has large coverage for exercising all kinds of the apartments and

condominiums across the country.

"This sub-decree will be applied in the country soon and local people who

bought the houses in the apartments, condominiums and skyscrapers blocks will

know about the rights and ownership," Nun Pheany, spokeswoman for Ministry of

Land Management, Urban planning and Construction, told Xinhua.

The foreigners have not had rights to own Cambodian land or housing so far.

They could rent for doing their business or staying only, she stressed.

"In the near future, we will have a law on the foreign ownership of

Cambodian land and housing. My ministry and Ministry of Justice are discussing

to compose that draft law in accordance with our constitution," she said.

"By that law, the foreigners, perhaps, could own above the first floor for

apartments or condominiums, even though, we need to discuss more details," she

said.

However, Nun Pheany said the foreigners would not be allowed to buy the

land near borders with neighboring countries because it could affect national

sovereignty and which is also prohibited by the law.

She said that when foreign title law is to be approved, it will help

increase the foreign investment and contribute to economic growth in the

country.