Phnom Penh Construction Workers Strike Over Unpaid Wages

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Phnom Penh Construction Workers Strike Over Unpaid Wages

Post by CEOCambodiaNews »

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Phnom Penh, Cambodia News: At 5 pm on 22 October 2019, hundreds of male and female Chinese construction workers stopped work in protest over unpaid wages. The workers' protest was held in front of the Sino Great Wall construction site, in Phnom Penh, near Koh Pich Bridge, Sangkat Tonle Basac, Chamkarmon.
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The workers were upset because they had not been paid for two months, and adding to the tension, rumors were circulating that the old boss had fled the country. As a result, everyone was concerned that they would not get paid.
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As the mass of striking workers were creating obstruction outside the building site, the local authorities and police forces went to Khan Chamkarmon to coordinate the situation on the street.
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After some negotiation, an agreement was reached on 8 pm on the same day, whereby company representatives agreed that all salaries would be paid on the morning of the 23rd of October, and announced that there will be a change of management at the building site.
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John Bingham
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Re: Phnom Penh Construction Workers Strike Over Unpaid Wages

Post by John Bingham »

It must suck working on a multi-million dollar project and you can't even get some crumbs. Is it a Trump development?
Silence, exile, and cunning.
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Re: Phnom Penh Construction Workers Strike Over Unpaid Wages

Post by Mishmash »

This appears to be The Peak (Shangri-La) a $500 million project.

It's a Joint development between Oxley Worldbridge (Oknha Sear Rithy) and Sino Great Wall.

Previously, they completed The Bridge also in Tonle Bassac - $300 million which looks great.

In 2016 Sino were raided and 200 Chinese workers were detained for not having the correct visas and work permits.

Worldbridge and Sino dealt in a 40/60 relationship in order to gain access to Chinese cash under the Belt & Road Initiative

This particular episode of non-payment of wages is indicative of the following problems:-

Sino's share price peaked at 14.4 yuan = market capitalization of 23 billion yuan ($3.4 billion).

They won billions of dollars of foreign EPC contracts as a “leading private enterprise along the Belt and Road”

Today their share price is just 2.29 yuan.

They have a debt-to-net-asset ratio of more than 120 percent, plus litigation from a score of creditors owed over 2.7 billion yuan.

In short - debt-fueled over expansion has caused their demise.

Their financial problems were made public in the second half of 2018, causing them to reduce their foreign ambitions.
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Re: Phnom Penh Construction Workers Strike Over Unpaid Wages

Post by frank lee bent »

I wonder if they are a representative example of players in this market segment.
I think it likely.
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Re: Phnom Penh Construction Workers Strike Over Unpaid Wages

Post by Mishmash »

frank lee bent wrote: Thu Oct 24, 2019 2:07 am I wonder if they are a representative example of players in this market segment.
I think it likely.
In Cambodia, is the over reliance on Condos - which no one wants to buy.

Speculative gambling and big Khmer Nouveau Riche egos.
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Re: Phnom Penh Construction Workers Strike Over Unpaid Wages

Post by rogerrabbit »

Mishmash wrote: Thu Oct 24, 2019 2:00 am This appears to be The Peak (Shangri-La) a $500 million project.

It's a Joint development between Oxley Worldbridge (Oknha Sear Rithy) and Sino Great Wall.

Previously, they completed The Bridge also in Tonle Bassac - $300 million which looks great.

In 2016 Sino were raided and 200 Chinese workers were detained for not having the correct visas and work permits.

Worldbridge and Sino dealt in a 40/60 relationship in order to gain access to Chinese cash under the Belt & Road Initiative

This particular episode of non-payment of wages is indicative of the following problems:-

Sino's share price peaked at 14.4 yuan = market capitalization of 23 billion yuan ($3.4 billion).

They won billions of dollars of foreign EPC contracts as a “leading private enterprise along the Belt and Road”

Today their share price is just 2.29 yuan.

They have a debt-to-net-asset ratio of more than 120 percent, plus litigation from a score of creditors owed over 2.7 billion yuan.

In short - debt-fueled over expansion has caused their demise.

Their financial problems were made public in the second half of 2018, causing them to reduce their foreign ambitions.
I thought it's a JV between Oxley (Singaporean) and Worldbridge (Cambodian) and the Sino Great Wall is just the contractor? Or well was. Where do you get this info? But it's true that Sino is in financial problems and this obviously has lead that the construction workers have not paid.
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Re: Phnom Penh Construction Workers Strike Over Unpaid Wages

Post by Mishmash »

rogerrabbit wrote: Thu Oct 24, 2019 3:08 am
I thought it's a JV between Oxley (Singaporean) and Worldbridge (Cambodian) and the Sino Great Wall is just the contractor? Or well was. Where do you get this info? But it's true that Sino is in financial problems and this obviously has lead that the construction workers have not paid.
You are right for the Peak, however 'just' the contractor is a bit of an understatement, the BRI funds are a JV between Worldbridge Land and Sino signed a couple of years ago between Sear Rithy and Liang Rong Vice Chairman of Sino.

All in the same barrel - fortunes intertwined

Where do I get my info?

Well I visit Sino often at their offices in the PGCT, and of course I read and research, so I am well prepared when I try and peddle my goods and services to them bro.

I wanted a piece of the Peak since it was first ever a concept drawing.

Never got anything so far, but in my game "no" means only no today, so I will keep going until my sheer persistence wins.

In this case, I may have been lucky not to have been granted a slice of the pie to date!

I enjoy the tea ceremony and the jokes and of course the boss knows I like his lady procurement officer as is the subject of much hilarity.

Good enough for ya bro?
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Re: Phnom Penh Construction Workers Strike Over Unpaid Wages

Post by rogerrabbit »

Mishmash wrote: Thu Oct 24, 2019 3:41 am
rogerrabbit wrote: Thu Oct 24, 2019 3:08 am
I thought it's a JV between Oxley (Singaporean) and Worldbridge (Cambodian) and the Sino Great Wall is just the contractor? Or well was. Where do you get this info? But it's true that Sino is in financial problems and this obviously has lead that the construction workers have not paid.
You are right for the Peak, however 'just' the contractor is a bit of an understatement, the BRI funds are a JV between Worldbridge Land and Sino signed a couple of years ago between Sear Rithy and Liang Rong Vice Chairman of Sino.

All in the same barrel - fortunes intertwined

Where do I get my info?

Well I visit Sino often at their offices in the PGCT, and of course I read and research, so I am well prepared when I try and peddle my goods and services to them bro.

I wanted a piece of the Peak since it was first ever a concept drawing.

Never got anything so far, but in my game "no" means only no today, so I will keep going until my sheer persistence wins.

In this case, I may have been lucky not to have been granted a slice of the pie to date!

I enjoy the tea ceremony and the jokes and of course the boss knows I like his lady procurement officer as is the subject of much hilarity.

Good enough for ya bro?
Ok, so it's not jointly developed but they only had some sort of sale agreement additional to contractor deal. Your original post gives pretty different picture when it says Sino & Worldbridge had 40/60 relationship and they were developing the project together when in reality the biggest owner of the project is still Oxley which is huge Singaporean corporation.
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Re: Phnom Penh Construction Workers Strike Over Unpaid Wages

Post by Mishmash »

rogerrabbit wrote: Thu Oct 24, 2019 3:53 am
Ok, so it's not jointly developed but they only had some sort of sale agreement additional to contractor deal. Your original post gives pretty different picture when it says Sino & Worldbridge had 40/60 relationship and they were developing the project together when in reality the biggest owner of the project is still Oxley which is huge Singaporean corporation.
For the funds under the BRI 60% is Sino 40% is Worldbridge

For the Peak it's even more complicated as it's "developed" along with Shangri-La and CapitaLand.

The owners are actually the buyers who sink funds into the project and end up with a chunk in my opinion only.

If you say that's Oxley (for the residential part at least) then is that Oxley Holdings or Oxley Worldbridge? Too much for my small brain.

The land owner is Worldbridge - That much is certain.

I'm happy if you can correct my writings bro.

I will amend if you like to say Stakeholders.

The 40/60 was misleading due to my conflation of the issue of 'funds' - hands up! I'll pay more attention in class

So who is not paying the workers???? Oxley?? Sino?? Worldbridge?? Shangri-La??? CapitaLand??
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Re: Phnom Penh Construction Workers Strike Over Unpaid Wages

Post by Mishmash »

UPDATE : Sino have been terminated for the PEAK and a new contractor appointed.

Who they are is as yet unannounced.

The Peak, managed by Oxley-Gem, is a joint venture between Oxley International Holdings and Worldbridge Land. (as corrected to my previous writings by @rogerrabbit :hattip: )

Oxley said SINO was terminated to “allow a competent and financially sound main contractor to smoothly continue the construction of the project without any stoppage of construction work.”

https://www.khmertimeskh.com/50653741/n ... -the-peak/
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