Cambodian real estate authorities announced on 12/1 that sales of condominium units and homes have been halted at four projects in the capital Phnom Penh and one project in the coastal city of Sihanoukville. All these developments belong to the Prince Group, founded by magnate Chen Zhi, who was recently arrested and extradited to China.

The move came after Cambodian authorities announced on 7/1 the arrest of fraud magnate Chen Zhi, founder and chairman of the Prince Group. Chinese officials later confirmed Chen's extradition to China. This halt in real estate sales represents the latest blow to Prince, a multinational conglomerate that the US government considers a front for "one of Asia's largest transnational criminal organizations."

Individuals who have signed purchase contracts for units in these 5 projects must complete their agreed-upon transactions. Those who have fully paid can resell their property after registering ownership with the state, according to a real estate authority official.

The Pinnacle Residence condominium project in Phnom Penh. Photo: Harbor-property

At one of Prince's projects in the capital, The Pinnacle Residence condominium complex, also known as Prince Happiness Plaza, employees reported the sales office has closed. An anonymous employee stated the unit sales team has been downsized since October 2025. "I do not know what is happening. I hope my job will not be affected", the employee said.

The 47-story residential and commercial complex, The Pinnacle Residence, was completed in 2024, with 75% of its nearly 1,800 units already sold. The developer, Prince Real Estate Cambodia, is currently under US sanctions.

The US government seized approximately 127,271 bitcoin from Chen Zhi, valued at nearly USD 15 billion at current rates. It also sanctioned related companies, implementing asset freezes and transaction bans. Numerous other countries have also imposed sanctions and seized Chen-related assets.

By Huyen Le (According to AFP)