After Prince Group founder Chen Zhi was extradited to China, the Cambodia Real Estate and Mortgage Business Regulatory Authority on the 12th ordered five major apartment and residential development projects under Prince Group to suspend sales activities.
Known as the "King of Telecom Fraud," Prince Group founder Chen Zhi was repatriated to Beijing from Cambodia last Wednesday. Earlier, the National Bank of Cambodia had already announced that it would officially take over all of Prince Bank's business and assets, and commence liquidation.
According to a notice cited by the Cambodia-China Times and issued by Cambodian authorities, the suspended projects include Prince Happiness Plaza, Prince Golden Bay Apartments, Prince Unity Center, Prince Sunshine One Park Residential Community, and Samraong Village Park Residential Community. No further sale of any new housing or apartment units is permitted for these projects.
The notice clearly states that during the suspension period, the above-mentioned projects are not allowed to sign any new house or apartment unit sales contracts, nor are they allowed to conduct any form of presale activity.