Cambodia halts sales at properties linked to alleged cyberscam network

Cambodia has suspended property sales at several developments owned by Prince Group, following the extradition of its founder and chairman, Chen Zhi, to China last week. Both Cambodian and Chinese authorities confirmed the extradition.

Chen, a Chinese-born businessman, was indicted by the United States in October. US prosecutors allege he orchestrated large-scale online investment scams. According to the indictment, the schemes generated billions of dollars and relied on hundreds of trafficked workers operating from scam compounds in Cambodia.

As a result, Cambodia’s real estate regulator announced late Monday that sales were halted at four Prince Group properties in Phnom Penh and one in the coastal city of Sihanoukville. The suspension applies to condominium units and homes in gated communities.

Property sales halted, buyers bound by contracts

According to the regulator, individuals who have already signed purchase agreements must still complete their contracts. However, buyers who have fully paid for their properties may sell them after registering ownership with the government.

Meanwhile, signs of disruption are visible on the ground. At The Pinnacle Residence condominiums—also known as Prince Happiness Plaza—in Phnom Penh, employees told AFP on Tuesday that the sales office had been closed.

One employee, who spoke on condition of anonymity, said the sales team had been downsized since October. “I don’t know what is happening, and I hope it won’t affect my job,” the employee said.

The 47-storey residential and commercial complex was completed in 2024. Despite recent developments, about 75 percent of its nearly 1,800 units had already been sold, according to Cambodian property website realestate.com.kh. The listed developer, Prince Real Estate Cambodia, is also under US sanctions.

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Growing international crackdown on Prince Group

The sales suspension marks another setback for Prince Group, a multinational conglomerate that US authorities describe as a front for “one of Asia’s largest transnational criminal organisations.” After Chen was charged, both Washington and London imposed sanctions on him and his businesses in October.

US authorities have charged Chen with wire fraud and money-laundering conspiracy. The case involves approximately 127,271 seized bitcoin, now valued at more than $11 billion.

Since then, authorities across Europe, the United States, and Asia have launched coordinated actions against the group. These include widespread asset seizures and financial restrictions.

Most recently, Cambodia’s central bank placed Prince Bank—another US-sanctioned company linked to the group—into liquidation last week.

However, Prince Group has denied all allegations, maintaining that it has not engaged in criminal activity.

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