PM Calls for Investigation into Confiscated Homes

The CDC is urging homeowners who are struggling to pay their mortgage to contact Real Estate Business and Pawnshop Regulator after reports that borey owners are seizing people’s properties
A borey in Phnom Penh. Kiripost/Siv Channa
A borey in Phnom Penh. Kiripost/Siv Channa

The Council for the Development of Cambodia (CDC) on Wednesday said that those who fail to pay their house mortgage and risk their properties being confiscated should contact Real Estate Business and Pawnshop Regulator (RFPR).

The announcement comes after Prime Minister Hun Sen’s appeal on June 9 to borey owners not to confiscate people’s properties when they fail to pay their monthly instalments.

During a ceremony with 2,000 factory workers in Kampong Chhnang province, Hun Sen urged borey owners to have understanding with residents who have delays in their payments.

The Prime Minister added that the National Bank of Cambodia and some other financial institutions are already working to resolve the issues.

He also ordered CDC to prepare documents on how many properties have already been confiscated due to late payments or being unable to pay, and how many more face the same issues.

“Let my assistant be in charge of the investigation, check boreys and do a summary for me. I want to know how many houses have been confiscated, and you can submit a list for me of this work. How many people have had their homes confiscated and how much buyers pay?” Hun Sen said.

“Please stop the foreclosure, there is only one way to prepare credit again. Buyers are also responsible for paying back but have to reduce from $500 to $300 per month for example.”

Hun Sen also called on the Ministry of Economy and Finance and real estate associations to work on resolving the issue.