Cambodia suspends sales at five luxury developments owned by Prince Group after its founder was extradited to China on US cyberscam charges.
PHNOM PENH: Cambodia has frozen sales at five luxury properties owned by a US-sanctioned conglomerate.
The move follows the extradition of the group’s founder to China on charges of running multibillion-dollar transnational cyberscams.
The real estate regulator suspended further sales of condo units and homes in four Phnom Penh developments and one in Sihanoukville.
The properties belong to Prince Group, whose founder Chen Zhi was extradited last week.
Individuals who have signed sales contracts for units at the five properties must still complete their purchases.
Those who have paid in full can sell their property after registering ownership with the government, an official said.
At The Pinnacle Residence condominiums in Phnom Penh, the sales office was closed on Tuesday.
One employee said the sales team had been scaling down since October, adding, “I don’t know what is happening and I hope it won’t affect my job.”
The US indicted Chen, a Chinese-born businessman, in October.
Authorities allege he directed online investment schemes that netted billions and were run by hundreds of trafficked scammers in Cambodian compounds.
Prince Group has been described by US authorities as a front for “one of Asia’s largest transnational criminal organisations”.
The company and its founder were sanctioned by Washington and London in October.
Chen faces US charges of wire fraud and money laundering conspiracy involving approximately 127,271 seized bitcoin.
The cryptocurrency is worth more than USD 11 billion at current prices.
The 47-floor Pinnacle Residence towers were completed in 2024.
A local property website states 75% of its nearly 1,800 units were sold, with the developer listed as Prince Real Estate Cambodia, another sanctioned entity.
Since the indictments, authorities in Europe, the US and Asia have targeted Prince Group with asset confiscations.
Cambodia’s central bank placed Prince Bank, another group company, into liquidation last week.
Prince Group has denied all allegations against it.
