Sales of Major Real Estate Projects Under Prince Group Halted Following Chen Zhi's Arrest

Odaily News: Following the arrest of Prince Group founder Chen Zhi, the Cambodian National Real Property and Credit Bureau (NRPC) ordered on January 12th the suspension of sales activities for five of the group's major condominium and residential development projects. Buyers who have already signed contracts are still obligated to fulfill their contractual obligations. Those who have paid in full can apply for property title transfers. It is reported that this administrative decision to halt sales is based on Prince Group's recent involvement in significant violations of laws and regulations. Previously, the National Bank of Cambodia announced that, in accordance with the country's relevant current laws and regulations, it has formally initiated liquidation proceedings for Prince Bank. (Red Star News)