PHNOM PENH, July 31 (Xinhua) -- Cambodia's Council of Ministers on Friday approved a sub-decree of new co-ownership regulations, allowing legal ownership of individual apartments or condominium ownership, which paves the way for a law allowing foreign ownership of some property.

The new co-ownership regulations will make it possible to own units within a larger building without having title to the land it's on, according to the press release from the weekly meeting of the Council of Ministers which was presided over by Prime Minister Hun Sen.

"Its objects will guarantee to protect rights of legal holders in apartments or condominiums for co-ownership," it said, adding that it will facilitate to management work of co-ownership of apartments and co-owners who live in the apartments or condominiums.