Cambodian Tycoon Reaksmey Leng Seeks to Renounce Title, Assets Amid 6A Project Controversy

Cambodian real estate tycoon Reaksmey Leng publicly spoke out on the evening of September 8th, requesting the King to revoke the "Leng" titles held by himself and five family members, and offering to hand over his and his family's related assets to the Ministry of Land Management, Urban Planning and Construction for legal handling, drawing attention from the real estate and business communities.
Reaksmey Leng stated that due to the prolonged delays in completing the 6A real estate project, which has now fallen into difficulties, he will fully cooperate with the government investigation and accept legal responsibilities. He disclosed that the 6A project has accumulated sales revenue of approximately $185 million, but expenditures have reached about $221 million so far, leaving a funding gap of approximately $36 million; to ultimately complete the project, an additional investment of about $20 million to $30 million is expected.
It is understood that the 6A project issues have persisted for some time. In January of this year, some homebuyers had gathered to protest. Recently, the Ministry of Land Management, Urban Planning and Construction has intervened and has been delivering completed houses and property rights certificates to some customers.
Reaksmey Leng admitted that project delays and high debt levels are the main reasons for the current predicament, and expressed his willingness to hand over related assets such as land and vehicles to the government for handling. He pledged to 100% cooperate with relevant authorities in the investigation and subsequent arrangements, and to accept the decisions made in accordance with the law.