Real estate provision for foreign investors leads Cambodia’s economic development- Mr. George Hsieh

HoHsin Development Vo.,Ltd. is involved in various projects including luxury condominium “The View” in BKK1 area, Phnom Penh. HoHsin Development Vo.,Ltd. has Head Office in Taiwan. I asked George Hsieh, about how Hsieh develops business in Cambodia, and about the solution for the problem related to the real estate construction.
(Interviewed at: April, 2018)

Interviewee Profile

Mr. George Hsieh: President of HoHsin Development Vo.,Ltd.

Enhance the real estate value through the project management

-Please introduce yourself

 I have been working since 1986. It is more than 31 years ago. I started my career as the drawing tracer in the architecture studio. I have spent my career in some construction companies, and then I started this company in Taiwan 14 years ago. I have spent 14 years for the big project in China. I have much achievement in Taiwan and China, on the other hand, I have achievement also in Cambodia.

-Please tell us about your company

 Our company has 4 strength. The first one is design and printing. The second one is sales and marketing. The third is construction management. In addition, the fourth is property management. Construction starts from design and printing. So, that means that we can be charge in the whole of the big project. Many real estate developers pay much attention to sales and marketing, however, they don’t pay much attention to construction management and property management. On the other hand, it is possible to enhance the real estate price more, through our construction management and property management. This is good both for buyer and resident. It is true that “The View” is our first project in oversea, but we are going to start the second project during 2018.

-Why did you choose Cambodia market to expand your business?

 I saw rapid growing in Cambodia, especially in Bonkenkon district. As far as I see Asia, Japan grew up at first, and after that, Taiwan and Korea, Hongkong grew up. In addition, Malaysia and Thailand have grown up for 20 years. I expect that Cambodia and Myanmar will grow up from now on. Especially in Cambodia, US dollar is distributed in the market, and it is high incentive for the investors from oversea. High economic growth in Cambodia, US dollar. These are the main reason why we chose Cambodia market to expand my business.

Many Chinese migrate to oversea to require better living

-What you think about the real estate industry in Cambodia?

 The real estate industry in Cambodia has been growing rapidly, and very good economy has been remained for 5 years. In addition, if high growth rate is continued to develop for 5 to 10 years to be benefit for the real estate industry in Cambodia. Expectation and confidence are seen in developing real estate industry in Cambodia in the future.

-Do you have something to worry in the real estate industry in Cambodia?

 I think that market will be formed to be based on demanding and supplying. Some people regard the real estate in Cambodia as excessive supply, but I think that we don’t need to worry because demanding related to the real estate in Cambodia will be continued to enhance. As far as I see Asia, many Chinese abroad including Taiwanese, Chinese, Malaysian study abroad, reside, migrate to require better living. I expect that this trend will be expanded. No problem.

-If there are problems and obstacles in this project or in building the big service apartment in Cambodia, please tell us

 Much investigation is required not only for the project for Taiwan and China, but also for the project which we have associated with. We spent about a year in investigating, before we started this project. Especially, the regulation and the laws are required to be understood enough. There are significant 2 obstacles. One is that foreigner don’t understand Cambodia. They have negative impression such as poorness and corruption for Cambodia. The other is that the local partners don’t have much experience. They don’t get used to the luxury service apartment such as “The View”. So, we needed to start step by step including education for the local partners.

-Do you think that the number of the luxury service apartments built will be increasing?

 I think so. It is necessary to promote the investors from oversea, to get investment from oversea. The number of luxury facilities which the investors from oversea stay will be increasing. While there are many five star hotels in the cities of each country, the number of the luxury hotels and the luxury service apartments will be increasing.

-What country do most of investors for the luxury service apartment come from?

 To see from historical view, France, Taiwan and Japan occupied the investment for Cambodia 20 years ago. Korea occupied the investment for 10 years. Now that, the cost of the investment by China is increased. I think that the number of the countries which expand business in Cambodia market will be increasing.

-Where are most of the people who use the luxury service apartment from?

 We can’t clarify because all service apartments have different targets. In the case of “The View”, people from Japan and Taiwan are main target. In “The View” provide Japanese style service and the staffs who can communicate with Japanese at front desk.

-Please give the message to the readers

 Cambodia is new paradise for the investors and the businessman from oversea. We believe that the family, business, the start for dream are based on the housing. We are going to support everyone’s happiness