Cambodia has moved to suspend the sale of luxury real estate assets owned by Prince Group, a powerful conglomerate whose founder has been accused by United States authorities of masterminding one of Asia’s largest transnational cybercrime operations. The decision follows the extradition of Prince Group founder and chairman Chen Zhi to China and marks one of the most significant domestic actions taken by Cambodian authorities against a company long accused by international agencies of operating as a front for organised cyber fraud.

In a statement issued late Monday, Cambodia’s real estate regulator announced that sales at five high-end Prince Group properties—four in the capital Phnom Penh and one in the coastal city of Sihanoukville—had been suspended with immediate effect. The move comes amid intensifying global scrutiny of the conglomerate after Chen’s arrest and the imposition of sweeping sanctions by the United States and the United Kingdom.

Founder extradited, international pressure mounts

Chen Zhi, a Chinese-born businessman who built Prince Group into a sprawling multinational empire spanning real estate, banking, hospitality and entertainment, was extradited to China from Cambodia last week. Both governments confirmed the extradition, though neither disclosed the precise charges he faces in China.

Chen’s extradition followed a major indictment filed by US authorities in October, accusing him of directing large-scale online investment scams that allegedly generated billions of dollars in illicit profits. According to the indictment, the schemes were run from compounds in Cambodia and involved hundreds of trafficked workers who were forced to scam victims across the world.

Washington has described Prince Group as a corporate front for “one of Asia’s largest transnational criminal organisations,” alleging that the conglomerate played a central role in laundering scam proceeds and facilitating cybercrime operations. Following the indictment, the US Treasury imposed sanctions on Chen and several Prince Group entities, a move later echoed by the United Kingdom.

Property sales frozen, but contracts remain binding

The Cambodian real estate regulator said the suspension applies specifically to the sale of condominium units and homes in gated communities at five Prince Group developments. While new sales have been halted, the regulator clarified that individuals who have already signed purchase agreements are legally obligated to complete their contracts.

Buyers who have fully paid for their properties retain the right to sell their units, provided ownership has been properly registered with the government. An official from the regulator said this measure was intended to protect existing buyers while preventing further commercial activity linked to sanctioned entities.

The freeze is a rare intervention in Cambodia’s real estate market, which has historically been lightly regulated and dominated by politically connected developers. Analysts say the move signals a growing willingness by Cambodian authorities to respond to international pressure, particularly as the country faces criticism over its role as a hub for cybercrime and human trafficking.

Sales offices shuttered, staff uncertain

At one of the affected properties in Phnom Penh—The Pinnacle Residence condominiums, also known as Prince Happiness Plaza—employees confirmed that sales operations had effectively ground to a halt. The 47-storey mixed-use complex, featuring residential towers and commercial spaces, was completed in 2024 and marketed aggressively to both local and foreign buyers.

Several employees told reporters on Tuesday that the sales office had been closed, with staff numbers reduced significantly in recent months. One employee, who declined to be named, said the downsizing had been ongoing since October, shortly after the US sanctions were announced.

“I don’t know what is happening and I hope it won’t affect my job,” the employee said, reflecting the anxiety among workers caught in the fallout from the scandal.

According to Cambodian property website realestate.com.kh, nearly 75 percent of the complex’s approximately 1,800 units had already been sold. The developer listed for the project is Prince Real Estate Cambodia, itself an entity under US sanctions.

Financial and legal fallout widens

Chen’s legal troubles extend far beyond Cambodia and China. US prosecutors have charged him with wire fraud and conspiracy to commit money laundering, alleging involvement in schemes tied to approximately 127,271 seized bitcoin. At current market prices, the cryptocurrency stash is valued at more than $11 billion, making it one of the largest crypto-related seizures ever associated with cybercrime.

Since the charges were unveiled, authorities across Europe, North America and Asia have moved swiftly to target Prince Group assets. The actions include asset freezes, confiscations and regulatory crackdowns on affiliated companies.

In Cambodia, the central bank last week placed Prince Bank—another US-sanctioned entity linked to the conglomerate—into liquidation. The move dealt a major blow to Prince Group’s financial operations and further isolated the company from the country’s banking system.

Observers say the combination of sanctions, asset seizures and regulatory actions has severely weakened the conglomerate’s ability to operate, raising questions about the future of its remaining projects and investments.

Cambodia’s cybercrime reckoning

The case has renewed focus on Cambodia’s struggle with cybercrime, particularly in coastal hubs like Sihanoukville, where scam compounds and online fraud operations have proliferated in recent years. International human rights groups have documented widespread abuses in these compounds, including forced labour, torture and trafficking of workers from across Asia and beyond.

While Cambodian authorities have repeatedly pledged to crack down on cybercrime, critics argue that enforcement has been inconsistent and hampered by corruption and political protection of powerful business interests. The action against Prince Group, one of the country’s most prominent conglomerates, is therefore being closely watched as a test of whether Cambodia is willing to confront entrenched networks linked to transnational crime.

Company denies allegations

Prince Group has consistently denied all allegations of wrongdoing. Following the US indictment and sanctions, the company issued statements rejecting claims that it was involved in cyber scams, human trafficking or money laundering. It has maintained that its operations are legitimate and that it has cooperated with authorities.

However, the extradition of its founder and the rapid succession of regulatory actions suggest that the pressure on the conglomerate is unlikely to ease anytime soon. For buyers, employees and investors tied to Prince Group projects, the uncertainty continues to grow.

As Cambodia freezes property sales and dismantles key components of the group’s financial infrastructure, the case underscores the expanding global effort to disrupt cybercrime networks—and the increasingly tangible consequences for businesses accused of enabling them.