Why were Chinese investors so keen on the Cambodian real estate market back then? Are you curious about this phenomenon?
为何当年中国投资者如此青睐柬埔寨的房地产市场？您是否对这一现象感到好奇？
Hey everyone, I'm Joe Lee, working in real estate sales and brokerage here in Cambodia.
大家好，我是Joe Lee，在柬埔寨从事房地产销售和中介服务。
I've been in this country for a solid 15 years since 2009. Initially, my business primarily catered to Korean and Chinese speakers, thanks to my fluency in both languages.
自2009年 起，我已在这个国家逗留了整整15年。由于我的母语是韩语和中文，早期的业务主要面向这两个群体。
However, with China's economic adjustments in 2024, it's become really tricky for Chinese to go abroad. This might be hard for folks from Europe and America to grasp, but it led to me losing nearly 70% of my clients.
然而，随着2024年中国国内经济的调整，中国人出国变得非常棘手，这对欧美人来说可能难以理解，但我因此失去了将近70%的客户。
Though it's hard to pin down, many Chinese speakers affectionately refer to Cambodia as "the Little Paris of the East."
尽管无法确切描述，但许多讲中文的人都称柬埔寨为“东方小巴黎”。
I've also noticed that a lot of folks from Europe and America come here to vacation or retire, so starting this year, I've had to really dive into the English-speaking market.
我也了解到不少欧美人来这里度假养老，所以从今年开始，我必须积极拥抱英语市场。
Because of this, I've decided to start making videos in English. First off, it's to expand my business to include European and American audiences. Second, it's a great way to improve my own English skills. And third, it's about adapting and surviving in the midst of change.
因此，我决定用英语制作视频。首先，这是为了将我的业务拓展到欧美群体；其次，是为了提升我的英语水平；第三，是为了在变化中求得生存。
People often ask me what has kept me so captivated by Cambodia over these fifteen years? Why do so many Chinese people like doing business here? I'll be sharing what makes Cambodia so charming in my eyes in my first English video.
有人问我，这十五年来柬埔寨到底有什么魅力让我如此着迷？为什么这么多中国人喜欢来柬埔寨做生意呢？下面我在我的第一个英语视频里，与大家分享我眼中的柬埔寨魅力。
First up, let's talk about currency and foreign exchange policies: Cambodia uses both the Cambodian Riel (KHR) and the US Dollar (USD), with the dollar playing a dominant role in the economy. According to the Foreign Exchange Law of 1997, Cambodia has no restrictions on foreign exchange transactions, allowing for free conversion and international fund transfers. This is crucial for attracting foreign investment and promoting international trade. In Cambodia, both businesses and individuals have the freedom to engage in foreign exchange transactions and money transfers.
首先是货币和外汇政策： 柬埔寨同时使用柬埔寨瑞尔（KHR）和美元（USD），其中美元在经济中占主导地位。根据1997年的《外汇法》，柬埔寨没有外汇交易的限制，允许自由兑换和国际资金转移，这对于吸引外资和促进国际贸易非常重要。在柬埔寨，企业和个人可以自由地进行外汇交易和资金转移。
Next, let's delve into Cambodia's business environment: International trade is vibrant here, which is highly attractive to many Chinese businesspeople. They earn profits by operating factories in Cambodia and exporting products to Europe, Japan, and South Korea. For instance, in 2023, Cambodia's exports to China amounted to $1.18 billion, accounting for about 12% of the total trade volume. In contrast, Cambodia's imports from China were $8.89 billion, making up about 88% of the total trade volume. In the trade relationship between China and Cambodia, the bulk consists of China exporting low-cost goods to Cambodia. This imbalance has resulted in a trade deficit for Cambodia with China reaching $7.71 billion.
然后是柬埔寨的经商环境： 柬埔寨的国际贸易非常活跃，这对很多中国商人来说非常具有吸引力，因为他们通过在这里经营工厂，将产品出口到欧洲日韩赚取利润。比如在2023年，柬埔寨对中国的出口额为11.8亿美元，占总贸易额的约12%。相比之下，柬埔寨从中国的进口额为88.9亿美元，占总贸易额的约88%。在中国和柬埔寨的贸易中，大部分是中国出口廉价的商品到柬埔寨，这种不平衡导致了柬埔寨对中国的贸易逆差达到了77.1亿美元。
Additionally, Cambodia has seen a significant increase in international trade in the first five months of 2024, growing by 12% compared to the same period last year. According to data from the Ministry of Commerce, Cambodia's total trade volume reached $21.6 billion, up from $19.2 billion during the same period last year. From January to May, the country exported goods worth $10.18 billion to foreign markets, marking a 10.8% year-on-year increase. Meanwhile, imports from trade partners amounted to $11.4 billion, showing a year-on-year increase of 13.6%.
而且柬埔寨在2024年前五个月的国际贸易显著增长，与去年同期相比增长了12%。根据商务部的数据，柬埔寨的总贸易额达到了216亿美元，高于去年同期的192亿美元。从1月到5月，该国向外国市场出口了价值101.8亿美元的商品，同比增长了10.8%。同时，从贸易伙伴那里进口了价值114亿美元的商品，同比增长了13.6%。
China, Vietnam, and the United States are Cambodia's largest trading partners during this period, with trade volumes of $5.99 billion, $3.55 billion, and $3.52 billion, respectively. Despite this, the United States remains Cambodia's largest export market, with total exports valued at $3.42 billion, accounting for 33.68% of total exports, while Vietnam ranks second with exports worth $1.88 billion.
中国、越南和美国是这段时间内柬埔寨最大的贸易伙伴，贸易额分别为59.9亿美元、35.5亿美元和35.2亿美元。
尽管如此，美国才是柬埔寨最大的出口市场，出口总值为34.2亿美元，占总出口的33.68%，越南以18.8亿美元排名第二。
All of this is thanks to the trade preference policies Cambodia has signed with the world. Cambodia is a member of the Regional Comprehensive Economic Partnership (RCEP), which includes 15 countries such as China, Japan, and South Korea. Under the RCEP agreement, member countries will gradually eliminate tariffs on most goods. As a member of ASEAN, Cambodia enjoys tariff preferences under the ASEAN Free Trade Area (AFTA) framework. Cambodia is also involved in multilateral and bilateral free trade agreements between ASEAN and other dialogue partners, such as China, Japan, South Korea, India, Australia, and New Zealand.
这一切得益于柬埔寨与全世界签署的贸易优惠政策。
柬埔寨是《区域全面经济伙伴关系协定》（RCEP）的成员，该协定包括中国、日本和韩国等15个国家。根据RCEP协定，成员国之间将逐步取消大部分商品的关税。作为东盟成员，柬埔寨享受东盟自由贸易区（AFTA）框架下的关税优惠。柬埔寨还参与了东盟与其他对话伙伴（如中国、日本、韩国、印度、澳大利亚和新西兰）之间的多边和双边自由贸易协定。
As one of the Least Developed Countries (LDCs), Cambodia benefits from the European Union's "Everything But Arms" (EBA) scheme, which allows all of its exports to the EU (excluding arms and ammunition) to enjoy duty-free and quota-free access.
作为最不发达国家（LDC），柬埔寨受益于欧盟的“一切除武器外全免税”（EBA）计划，允许其向欧盟出口的所有产品（除武器和弹药）享受免关税和配额限制的优惠。
Despite the EU's partial withdrawal of EBA benefits in 2020, most of Cambodia's export products still enjoy these preferences.
尽管欧盟在2020年部分撤销了EBA优惠，但大多数出口产品仍享有优惠。
In the United States, Cambodia benefits from the Generalized System of Preferences (GSP), which allows certain export products to enjoy reduced or eliminated tariffs.
在美国方面，柬埔寨受益于普惠制（GSP），使部分出口产品能享受减免关税待遇。
The GSP is designed to help developing countries enter the US market by lowering tariff barriers, thereby promoting economic development in these countries.
GSP旨在帮助发展中国家通过降低关税壁垒进入美国市场，促进这些国家的经济发展。
Consequently, many entrepreneurs come here to set up factories, exporting products to Europe, America, Japan, and South Korea.
因此，很多人来这里开工厂，把产品出口到欧美和日本、韩国。
Additionally, it is quite common to import inexpensive goods like household items from China for sale in Cambodia.
此外，从中国进口生活用品等廉价商品到柬埔寨销售也是很常见的。
Cambodia's main exports are labor-intensive products that these countries require, including garments, machinery, electrical equipment, footwear, leather goods, grains, furniture, rubber, fruits, vegetables, pearls, toys, and textiles.
柬埔寨主要出口的产品也是这些国家需要的劳动密集型产品，包括服装、机械、电器设备、鞋类产品、皮革制品、谷物、家具、橡胶、水果、蔬菜、珍珠、玩具和纺织品。
Imported products include pharmaceuticals and supplements, consumer goods, as well as food and beverages.
进口产品包括药品和补充剂、消费品以及食品和饮料。
The garment, footwear, and travel goods industries are the largest sources of foreign exchange earnings for Cambodia, with approximately 1,300 factories employing about 850,000 workers.
服装、鞋类和旅行用品行业是柬埔寨最大的外汇收入来源，约有1,300家工厂，雇佣了大约85万工人。
This investment environment in Cambodia has directly brought substantial foreign direct investment (FDI) to the country.
柬埔寨的这种投资环境直接为这个国家带来了丰厚的外商投资。
As of 2023, Cambodia has attracted over $45.8 billion in FDI.
截至2023年，柬埔寨累计吸引了超过458亿美元的外国直接投资（FDI）。
These investments primarily come from China, South Korea, Singapore, Japan, Vietnam, Malaysia, Thailand, and the United Kingdom.
这些投资主要来自中国、韩国、新加坡、日本、越南、马来西亚、泰国和英国。
China is the largest source of investment for Cambodia, contributing approximately $20.59 billion, which represents a significant portion of the total FDI.
中国是柬埔寨最大的投资来源国，贡献了约205.9亿美元，占总FDI的显著份额。
These investments are mainly focused on infrastructure, manufacturing, real estate, and energy sectors.
这些投资主要集中在基础设施、制造业、房地产和能源等领域。
However, many of China's investments in this country are at the government level, making it difficult for ordinary people like me, without any significant background, to benefit from them.
然而中国对于这个国家的很多投资是政府层面的，而我这样的生意人是很难从中分到一杯羹。
The real estate sector, however, is different.
但是房地产领域却不是如此：
According to market reports, as of 2024, the annual rental yield for Cambodian real estate typically ranges between 6% to 8%. For example, high-end residential properties in the BKK1 area have an annual rental yield of 6.1%, and with a 2% capital growth, the total return rate is about 8.1%.
根据市场报告，截至2024年，柬埔寨房地产的年租金收益率通常在6%到8%之间，如BKK1地区的高端住宅，其年租金收益率为6.1%，加上2%的资本增长，总回报率约为8.1%。
In Phnom Penh and other major cities, the price range for high-end apartments is approximately $2,000 to $3,000 per square meter.
在金边和其他主要城市，高端公寓的价格范围大约为每平方米2000美元至3000美元。
Despite some challenges in the market, such as oversupply and weak demand, overall, the Cambodian real estate market is expected to grow steadily in 2024.
尽管市场面临一些挑战，如供应过剩和需求疲软，但总体而言，柬埔寨房地产市场在2024年仍有望稳步增长。
With improvements in infrastructure and economic recovery, especially driven by the growth of tourism and the middle-class population, the real estate market will continue to attract both domestic and international investors.
随着基础设施的改善和经济的恢复，特别是在旅游业和中产阶级人口增长的推动下，房地产市场将继续吸引国内外投资者。
For individual investors from China, like myself, who cannot tap into the large-scale government-level investments, these freehold property projects and the significantly higher rental yields compared to those in China are quite appealing.
对于那些来自中国的、与我一样无法跻身在政府层面投资里分到一杯羹的人来说，这种永久产权的房地产项目和比中国国内高出很多的租金回报率是相当有吸引力的。
The real estate boom in Cambodia was most evident between 2015 and 2019, which is why even now in 2024, we still see Cambodian news hoping for the return of Chinese tourists and investors.
于是房地产的火爆景象在柬埔寨集中表现与2015年～2019年之间，所以我们在2024年的现在，依然还能看见，柬埔寨新闻里希望中国游客和投资者回归的原因。
With the changes in the international environment over the past five years, the absence of Chinese investors, and the slim chances of their large-scale return to Cambodia in the future, the real estate sector has been directly impacted.
随着过去5年的国际大环境的改变，和中国投资者缺席，加上以后他们大量来柬埔寨投资的可能性渺茫， 直接冲击了柬埔寨房地产行业，
Prices have gradually returned to a more market-acceptable range.
价格逐渐回到市场可以接受的正常范围。
I believe this presents a great opportunity for friends from developed countries, which is also why I started making videos in English.
我想这个对于那些发达国家的朋友们来说是非常不错的机会，这也是我开始做英文视频的原因。
I am not sure if this will be effective in breaking into the European and American markets, but I still want to give it a try.
我不知道这个对于我以后打开欧美市场是否凑效，但是我依然想试一下。
Final Summary
最终总结
As China's economy undergoes adjustments in 2024, I have come to realize the challenges and opportunities brought about by changes in the market environment.
随着2024年中国经济的调整，我意识到市场环境的变化带来的挑战和机遇，
Cambodia's unique currency and foreign exchange policies, vibrant international trade environment, and extensive trade preference policies make it an extremely attractive investment destination.
柬埔寨独特的货币和外汇政策、活跃的国际贸易环境以及广泛的贸易优惠政策，使其成为一个极具吸引力的投资目的地。
These factors have not only attracted substantial foreign investment, particularly from China, South Korea, and other countries, but also provided excellent business opportunities for both local and foreign investors.
这些因素不仅吸引了大量的外资，特别是来自中国、韩国和其他国家的投资，还为本地和外国投资者提供了良好的商业机会。
The real estate market, as a special sector, has attracted a large number of individual investors with its high rental yields and freehold property policies.
房地产市场作为一个特殊的领域，凭借其高租金收益率和永久产权政策，吸引了大量个人投资者。
This trend is expected to continue, especially with the growth of tourism and the middle-class population.
这种趋势在未来仍将持续，特别是在旅游业和中产阶级人口增长的推动下。
Through this video production and marketing plan, I hope to showcase more business opportunities to global investors and help them succeed in Cambodia.
通过此次视频制作和市场推广计划，我希望能将更多的商业机会展示给全球投资者，并帮助他们在柬埔寨取得成功。
At the same time, this is an important step for me to improve my English proficiency and business skills.
同时，这也是我个人提升英语能力和业务技能的重要一步。
Thank you all for your attention and support.
感谢大家的关注和支持
