According to ChainCatcher, citing Red Star News, following the arrest of Prince Group founder Chen Zhi, the National Regulatory Authority for Real Estate and Mortgage Business (NRPC) of Cambodia ordered the suspension of sales activities for five large-scale apartment and residential development projects under its umbrella on January 12. Those who have already signed contracts are still required to fulfill their contractual obligations, while those who have paid in full can apply for property transfer. It is understood that this administrative decision to suspend sales is based on Prince Group's recent involvement in serious violations of laws and regulations.
In addition, the National Bank of Cambodia has announced that it has formally initiated liquidation proceedings against Prince Bank in accordance with the country's current laws and regulations.
