Cambodian Authorities Block Real Estate Sales by Prince Group Linked to Criminal Compounds

Sanctions Imposed Following the Liquidation of Prince Bank

The Cambodian government is imposing sanctions, including blocking real estate sales by Prince Group, which has been identified as being behind criminal compounds.

According to AFP on January 14 (local time), Cambodian real estate regulatory authorities recently halted the sale of housing and other properties at four Prince Group-owned sites in the capital Phnom Penh and one in the southern city of Sihanoukville.

In particular, it has been reported that the sales office for the "Pinnacle Residence," a luxury mixed-use complex in Phnom Penh developed by Prince Real Estate Cambodia under Prince Group, has closed. Pinnacle Residence, a 47-story building completed in 2024, is said to have sold about 75% of its approximately 1,800 units.

The appearance of a bank operated by Prince Group. Photo by Yonhap News

Authorities stated that buyers who have already signed purchase contracts for Prince Group properties must fulfill their contracts and complete the acquisition process. They also added that buyers who have paid the full amount for their units are allowed to resell their properties.

Meanwhile, Prince Group Chairman Chen Zhi is known to have amassed vast wealth by expanding his business through close ties with high-ranking political figures, including Senate President Hun Sen, the country's de facto ruler, and by operating large-scale criminal compounds.

Last week, the Cambodian government arrested Chen Zhi and two other Chinese nationals and extradited them to China. It also ordered the liquidation of Prince Bank, a major Cambodian bank under Prince Group. The Chinese Ministry of Public Security has detained Chairman Chen on multiple charges, including fraud, operating illegal casinos, illegal business activities, and concealing criminal proceeds, and plans to prosecute him following further investigation.

Additionally, in October last year, the US and UK governments sanctioned Chairman Chen and Prince Group for operating criminal compounds in Cambodia and elsewhere that extorted money from victims worldwide and tortured trafficked laborers. They also seized approximately $14 billion (about 20.6 trillion won) worth of Bitcoin.