Prince Real Estate (Cambodia) Co.

The US DOJ unsealed an indictment on 14 October 2025 charging Chen Zhi with wire fraud and money laundering conspiracy. Federal prosecutors alleged that Chen directed the construction, operation and management of forced-labour scam compounds across Cambodia, where trafficked workers carried out cryptocurrency investment fraud schemes.

The DOJ also filed a civil forfeiture complaint relating to approximately 127,271 bitcoin (reportedly worth around US$15 billion at the time), which authorities alleged were proceeds of fraud and money laundering. This was described as the largest forfeiture action in DOJ history.

Chen faces up to 40 years in prison if convicted in the US. However, he was extradited to China rather than the US in January 2026.

On the same date, the US Treasury's OFAC designated Prince Group as a transnational criminal organisation (TCO) and sanctioned 146 entities and individuals. The OFAC statement described Prince Holding Group's marketing materials as concealing a range of transnational crimes.

The sanctioned entities included Prince Real Estate (Cambodia) Group Co., Ltd, Prince Bank, Prince Huan Yu Real Estate Group and a network of reportedly 117 shell companies across multiple jurisdictions. The Treasury stated that the vast majority of these offshore entities engaged in no apparent real commercial activity.

Prince Group associates named in the sanctions included individuals alleged to have overseen both legitimate business operations and scam compound construction.

The UK Foreign, Commonwealth and Development Office announced joint sanctions targeting Chen Zhi and associates. UK authorities reportedly froze London property connected to the Prince Group network, including a reported GBP12 million mansion, a GBP100 million office building and 17 flats.

Chen Zhi was listed with nationalities of Vanuatu, Cambodia (revoked December 2025) and Cyprus. His Cambodian citizenship was revoked prior to his arrest.

Following the US and UK sanctions, multiple jurisdictions took enforcement action against Prince Group assets:

Hong Kong - froze assets reportedly worth HK$2.75 billion (approximately US$354 million).

Singapore - seized assets reportedly worth S$150 million (approximately US$115 million), including six properties, 11 cars, a yacht and financial accounts.

Taiwan - seized assets reportedly worth NT$4.53 billion (approximately US$146 million). Twenty-five suspects were reportedly detained. Taiwanese investigators reportedly found links to major organised crime groups.

South Korea - sanctioned Prince Group and Huione Group.

Thailand - reported to be reviewing Prince Group assets.

The total reported value of seized and frozen assets across all jurisdictions was in the tens of billions of US dollars, including the cryptocurrency seizure.

Chen Zhi was arrested in Cambodia on 6 January 2026 along with two other Chinese nationals and extradited to China. Cambodia's Interior Ministry stated the operation followed months of joint investigation with Chinese authorities. Chen's Cambodian citizenship had been revoked in December 2025.

On 8 January 2026, Cambodia's National Bank placed Prince Bank Plc into liquidation. All new banking services were suspended. Auditor Morisonkak MKA was appointed as liquidator.

On 12 January 2026, Cambodia's real estate regulator suspended sales at five Prince-linked property developments - Prince Happiness Plaza (The Pinnacle Residence), Prince Golden Bay, Prince Huan Yu Center and Prince One Tropica in Phnom Penh plus Phum Samrong in Sihanoukville. The regulator stated that individuals who had signed sales contracts were obligated to complete agreed purchases. Those who had paid in full could reportedly register ownership and sell. Employees at Prince Happiness Plaza (The Pinnacle Residence) told AFP that the sales office had been closed and the sales team had been scaling down since October 2025.

Have your Sales and Purchase Agreement (SPA) reviewed by an independent lawyer - focus on refund triggers, milestone obligations and what happens if sales are suspended or the project changes hands.

Confirm in writing where your funds are held and what triggers a refund. Ask for written milestone updates. Avoid further payments unless deliverables and project status are confirmed in writing.

Related guides: Off-plan due diligence checklist and Payment plans explained.

Confirm your title position and Foreign Ownership Eligible status in writing. Keep all transfer documentation and bank transfer records clean from day one.

Review building management arrangements - service charges, sinking fund, insurance and maintenance obligations. Plan for a longer resale timeline given current market uncertainty.

Cambodia's real estate regulator has stated that buyers who have paid in full can register ownership and sell. Verify this applies to your specific project and unit.

Related guides: Strata title ownership and Exit strategy.

Counterparty risk increases significantly when the trustee, bank or linked entity is under sanctions or regulatory action. Prince Bank has been liquidated. Prince Trust described itself as part of Prince Holding Group.

Build a clean file: SPA, receipts, bank transfer records, correspondence, title confirmations. Ask for written confirmation of how your assets are held and what happens if an entity is restructured or liquidated.

Get independent legal advice on your exact structure immediately.

Related guide: Bank transfers and repatriation.

Riel Property does not recommend purchasing any Prince-linked property at this time. The developer is subject to US and UK sanctions. Sales are suspended at five projects. The founder has been arrested and extradited. The group bank has been liquidated.

Any transaction involving a sanctioned entity may carry legal and compliance risk in multiple jurisdictions. Consult an independent lawyer before taking any action.

If you are looking for alternative developments in Cambodia from developers with verified delivery records, start at View all projects or Browse developers.

Some Cambodian developers and service providers accept USDT (Tether) for applicable service fees where permitted. If paying in USDT, be aware that network and processing fees may apply and can vary. All transactions are subject to standard KYC (Know Your Customer) and AML (Anti-Money Laundering) checks. Ensure you retain full records of all crypto transactions including wallet addresses, confirmation hashes and conversion rates. Riel Property recommends bank-transfer payments with clear audit trails where possible for maximum investor protection. Always seek independent legal and tax advice before using cryptocurrency for property-related payments.

Before the US and UK sanctions were announced, Prince Real Estate Group was widely regarded as one of Cambodia's largest and most visible developers. The group delivered multiple completed towers across Phnom Penh and won the PropertyGuru Best Developer award in 2022. Key projects included Prince Central Plaza (37 storeys, reportedly 1,786 units, Tonle Bassac, completed 2017) and Prince Happiness Plaza / The Pinnacle Residence (47 storeys, reportedly approximately 1,800 units, completed 2024).

The group marketed aggressively to both domestic and international buyers, offering strata title condominium ownership, Radisson-branded hospitality partnerships and facilities including sky pools, gyms and commercial retail. Prince Real Estate was widely covered in Cambodian media and participated in industry events including PropertyGuru awards and Chamber of Commerce functions.

It is important to note that multiple media outlets, NGOs and analysts had raised concerns about Prince Group's links to scam compounds and organised crime well before October 2025. Reports linking the group to the Jinbei Casino and forced-labour compounds date back several years.

The situation has changed fundamentally. Prince Holding Group has been designated a transnational criminal organisation by the US Treasury. The founder has been arrested and extradited. The group bank has been liquidated. Sales are suspended. Assets have been seized across at least six countries and territories. These are not speculative risks or media rumours - they are official government actions from multiple jurisdictions.

For property investors, the key impacts include: sales suspension reducing liquidity; unknown future of building management and after-sales support at existing projects; significant uncertainty around transfer processing for pending transactions; counterparty risk for anyone using Prince-linked trust or banking structures; and reputational risk that may suppress resale values even for completed, titled units.

The wider Cambodia market continues to function normally, with multiple other developers delivering projects and processing sales. This situation is specific to Prince Group and entities connected to it.

Prince Real Estate (Cambodia) Group Co., Ltd was founded in 2015 as a property development arm of Prince Holding Group, a conglomerate founded by Chen Zhi. The company developed multiple large-scale projects across Phnom Penh and Sihanoukville, including Prince Central Plaza, Prince Modern Plaza, Prince Happiness Plaza (The Pinnacle Residence) and Prince International Plaza. In October 2025, the US Treasury designated Prince Group as a transnational criminal organisation. Founder Chen Zhi was arrested on 6 January 2026 and extradited to China. Prince Bank was liquidated on 8 January 2026. Sales were suspended at five Prince-linked properties on 12 January 2026. See the full developer distress risk guide for investor implications.

In October 2025, the US Department of Justice unsealed an indictment charging founder Chen Zhi with wire fraud and money laundering. The US Treasury designated Prince Group as a transnational criminal organisation and sanctioned 146 entities and individuals. The UK also imposed sanctions. The DOJ filed a civil forfeiture complaint seeking approximately 127,271 bitcoin (reportedly worth around US$15 billion at the time). Assets were frozen across Singapore, Hong Kong, Taiwan, Thailand and South Korea. On 6 January 2026, Chen Zhi was arrested in Cambodia and extradited to China. His Cambodian citizenship had been revoked in December 2025. Prince Bank was placed into liquidation on 8 January 2026. On 12 January 2026, Cambodia's real estate regulator suspended sales at five Prince-linked developments. Prince Group has denied the allegations.

Yes. Cambodia's real estate regulator announced on 12 January 2026 that sales were suspended at five Prince-linked property developments: Prince Happiness Plaza (The Pinnacle Residence), Prince Golden Bay, Prince Huan Yu Center and Prince One Tropica in Phnom Penh, and Phum Samrong in Sihanoukville. Buyers who have signed sales contracts are reported to be obligated to complete agreed purchases. Those who have paid in full can reportedly register ownership and sell their property. Sales offices at some locations were reported closed. If you are exposed to any Prince-linked project, seek independent legal advice. See our guides on Phnom Penh and Sihanoukville for wider market context.

Prince Group condominium projects were marketed to foreign buyers using strata title (co-owned building title) structures, where eligible private units above the ground floor could be purchased by foreign nationals under Cambodia's foreign ownership rules. However, with sales suspended at five projects and the group subject to US and UK sanctions, any purchase or transaction involving Prince entities carries significant legal and compliance risk. Investors should seek independent legal advice before any action. See our strata title ownership guide for how foreign ownership works in Cambodia.

No. Riel Property does not recommend purchasing any Prince-linked property at this time. Prince Holding Group has been designated a transnational criminal organisation by the US Treasury. Founder Chen Zhi has been arrested and extradited to China. Prince Bank has been liquidated. Sales are suspended at five properties. Assets have been seized across multiple countries. These are reported facts from official government sources, not speculation. If you are already exposed to a Prince-linked project, seek independent legal advice immediately. If you are looking for alternative investments, start at view all projects from verified developers or read the developer distress risk guide.

If you hold title to a completed Prince unit, your priorities are: confirm your title position and Foreign Ownership Eligible status in writing, keep all transfer documentation and bank transfer records clean, review building management arrangements and service charge obligations, and plan for a longer resale timeline. If you are mid-purchase on an off-plan unit, have your SPA reviewed by an independent lawyer for refund triggers and avoid further payments until status is confirmed in writing. See the developer distress risk guide for detailed steps, and read our exit strategy guide for planning your options.

When a developer or entity is designated under OFAC sanctions (US) or UK sanctions, it becomes illegal for US and UK persons (and often others with exposure to those financial systems) to transact with the sanctioned entity. For property buyers, the practical effects can include: new purchases from sanctioned developers carry legal and compliance risk; resale transactions may face banking complications if the developer or linked entities remain sanctioned; transfer processing and management services may be disrupted; and banking channels used for payments or fund repatriation may restrict transactions involving sanctioned counterparties.

This does not necessarily mean a completed, titled unit becomes worthless, but it does mean the liquidity, transfer process and banking pathways around that unit are significantly affected. Investors should seek independent legal advice before taking any action involving a sanctioned entity. See the developer distress risk guide for practical steps, and read about bank transfers and repatriation for payment-chain implications.

Riel Property assesses developers across five criteria: delivery track record, build quality, payment flexibility, rental performance, and design and innovation. Standard scores range from 3.0 to 5.0. Prince Real Estate Group's rating has been suspended due to the severity of the current situation, including the US Treasury TCO designation, the arrest and extradition of founder Chen Zhi, bank liquidation and property sales suspensions. This does not mean all Prince projects are physically defective - some buildings are completed and occupied - but the corporate and legal situation makes a standard rating inappropriate. See our developer track record guide for how to assess other developers independently.