Southeast Asia Information Port (www.dnyxxg.com) – On January 12, the National Real Estate and Mortgage Regulatory Authority (NRPC) of Cambodia issued an official announcement suspending sales and new transactions for five residential and apartment development projects under the Prince Group, effective immediately. These projects include Prince Happiness Plaza, Prince Golden Bay Apartments, Prince World Center, Prince Sunshine One Park Residential Area, and Samraong Village Residential Area.
Regarding the protection of the rights of existing homebuyers, the NRPC issued clear guidance in the announcement: customers who have signed sales contracts for houses or apartments in the aforementioned projects must continue to fulfill their payment obligations as stipulated in the contract until the transaction is fully completed; for customers who have paid in full and fully fulfilled their contractual obligations, the NRPC will establish a joint coordination mechanism with the Ministry of Land Management, Urban Planning and Construction to assist in the legal processing of property transfer (registration) procedures, fully protecting the legitimate rights and interests of homebuyers. The announcement also emphasized that no new sales contracts may be signed or pre-sale activities may be carried out during the suspension period.
It is understood that this administrative control measure stems from serious violations of laws and regulations by the parent company of the Prince Group. As the founder of the group, Chen Zhi was arrested by Cambodian authorities on suspicion of organizing cross-border online fraud, operating casinos, and other illegal businesses. On January 7th, he was extradited from Phnom Penh to China by a working group from the Ministry of Public Security for investigation and prosecution. This is a significant achievement in the joint China-Cambodia crackdown on cross-border gambling and fraud crimes. It is noteworthy that the National Bank of Cambodia had previously announced the initiation of liquidation proceedings for Prince Bank. The suspension of this real estate project signifies that Prince Group's core business in Cambodia has entered a comprehensive restructuring phase.
