Cambodia has ordered a suspension of real estate sales by Prince Group after the company was accused of being a front for an online scam network.
Foreign news agencies reported on 13 Jan 2026 that Cambodia has halted sales of real estate projects by Prince Group, a major business empire in Cambodia sanctioned by the U.S., after Chen Zhu, the founder, was arrested and extradited to China as a fugitive last week.
Back in October 2025, the United States filed charges against Chen Zhu, a Chinese-born businessman, accusing him of orchestrating an online investment scam that caused billions of U.S. dollars in losses through a criminal network believed to have coerced many victims into forced labor in company dormitories in Cambodia.
Cambodia's real estate regulatory agency stated in a press release on Monday night (12 Jan) that four Prince Group properties in Phnom Penh and one in the coastal city of Sihanoukville have been "ordered to suspend sales" of condominium units and houses within village development projects.
This latest move by Cambodia marks another setback for Prince Group, a multinational corporation described by U.S. authorities as a front for "one of Asia’s largest transnational criminal organizations," following sanctions imposed by Washington and London last October.
Cambodia's real estate regulator said individuals who have signed purchase contracts for units in these five projects remain obligated to complete their transactions as agreed. Those who have fully paid can choose to sell their properties after registering ownership with the government.
At The Pinnacle Residence condominium, developed by Prince Real Estate Cambodia under Prince Group, several employees told AFP on Tuesday that the sales office had been closed, with the sales team downsizing since October 2025, and they were unaware of the reasons.
Chen Zhu faces U.S. charges of wire fraud and conspiracy to launder money, involving approximately 127,271 bitcoins seized, valued at over 11 billion U.S. dollars (about 380 billion baht) at current market prices.
Since then, authorities in Europe, the U.S., and Asia have targeted Prince Group with ongoing asset freezes and seizures. Cambodia's central bank ordered Prince Bank, another U.S.-sanctioned subsidiary, into liquidation to close operations last week.
However, Prince Group has denied all allegations.
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Source:cna