JAKARTA — China and Cambodia reaffirmed their solid relationship during a two-day visit by Chinese President Xi Jinping to Phnom Penh, which ended on Oct. 14. Xi’s meetings with Cambodian government leaders yielded 31 agreements, including one that doubles Cambodia’s quota for rice exports to China to 200,000 tons a year. Cambodia’s rice sector has been hit by falling prices, affecting farmers and millers, and the government has been scrambling to offset the damage, which could undermine ruling party support among the country’s rural majority ahead of local elections in 2017. Cambodia’s long-serving Prime Minister Hun Sen recently visited China, where he pushed for an increase in the rice quota. “About 80% of our people are farmers,” Phay Siphan, spokesman for the Council of Ministers told the Nikkei Asian Review. “This agreement is very important to the rural economy.”
PHNOM PENH — The plush office building on Phnom Penh’s riverside was meant to showcase one of the dozens of new high-rise apartments being built all over the Cambodian capital. But the place was empty, save for an elaborate model of The Bay, a proposed $500 million multipurpose real estate project being developed by Singapore’s TEHO International Inc. Ltd. “Sorry mister, we are closed, the project is under review,” said the sole staff member inside the building, adding that the office will be rented to new tenants soon. TEHO declined to answer questions about the project’s future, but on Aug. 26 said that while the hotel planned for the complex would go ahead, the residential part was being put on hold due to “a heightened risk of oversupply.” In one of Asia’s most remarkable building booms, dozens of new multistory residences are under construction — towering over what was historically a low-rise city and standing as symbols of the country’s long economic expansion.