Chairman Chen Zhi Donates US$3M to Fight Covid-19, Leading the Way for Anti-Pandemic Initiatives Across Prince Group in Cambodia

Prince Real Estate provides daily essentials to 804 underprivileged families of Chamkarmon District affected by February 20 community outbreak

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Phnom Penh, Cambodia – Media OutReach – 18 March 2021 – Prince Holding Group (“Prince Group”), one of Cambodia’s largest and fastest growing conglomerates, and Chairman Neak Oknha Chen Zhi have answered the call for assistance from the Cambodian Government to combat the February 20, 2021 Covid-19 outbreak by announcing plans to donate US$3 million to anti-pandemic efforts in the Kingdom. This is on the back of an initial US$3 million donated by Chen Zhi last December to help Cambodia purchase COVID-19 vaccines.

Furthermore, following in the footsteps of Prince Group and Chen Zhi, Prince Real Estate, a member of Prince Group, has distributed vital food supplies to 804 families in need and 234 members of the police force in Chamkarmon District, Phnom Penh, Cambodia affected by the February 20, 2021 Covid-19 outbreak.

While the Cambodian government has offered unprecedented support — accounting for 5% of GDP so far — totalling $1.16 billion^[1], Prince Group is aware that private enterprises need to play a crucial role in the post-pandemic recovery as well.

The latest donation forms part of a holistic environment, social and governance (ESG) strategy for member companies outlined by Prince Group. As a key part of this strategy, Chen Zhi’s donation of US$3 million will assist the Cambodian Government to reach its target of vaccinating at least 80% of the population or nearly 13 million people, affirming the Group’s commitment to social responsibilities in Cambodia. In addition, Prince Real Estate has donated a total of 16,080 kilograms of rice, 804 boxes of noodles, 804 cartons of fish sauce and 804 cartons of soy sauce to households, along with 500 cartons of purified water and 200 cartons of soft drinks for 234 police officers who have been working tirelessly across 33 locations in Chamkarmon District, an area that has been badly hit by an outbreak of Covid-19 infections near the headquarters of Prince Group.

“As a Group striving to improve the lives of local communities in Cambodia, it is our civic duty to partner with District Governor Theng So Thol and the Chamkarmon District Government. The community outbreak has affected the lives of many people in the district, and we believe that prompt and decisive action will make a key difference in ensuring a robust recovery for communities,” said Mr. Steven Wang, Chief Executive Officer of Prince Real Estate.

This initiative is just one of many that Prince Group has organized in an effective and fast-tracked manner in the last two years.

Last month, Prince Charitable Foundation, the charitable arm of Prince Group, distributed care packages to 500 families living at Ong village in Prey Nob district, Cambodia situated near the site of the Ream City project, a US$16 billion, 843-hectare project being developed on reclaimed land near the Sihanoukville International Airport. The Ream City project is set to transform the region, but Prince Group remains mindful of the local communities, with consultations held with local leaders to understand their communities’ future needs.

Prince Group will continue to support Cambodians, delivering essential materials to people in need, carrying out key community initiatives and working with socially responsible partners across the Kingdom, with a view towards empowering local communities.

About Prince Real Estate:

Prince Real Estate is one of the top developers in Cambodia. Founded in 2015, Prince Real Estate has completed numerous projects in Phnom Penh and Sihanoukville. It has contributed to the rapid transformation of urban Phnom Penh in recent years with real estate projects spanning across 1 million square meters.

About Prince Holding Group:

Prince Holding Group is one of the largest conglomerates in Cambodia, with its various units focusing on three core areas: real estate development, financial services and consumer services.

Prince Holding Group’s key business units in Cambodia include Prince Real Estate Group, Prince Huan Yu Real Estate Group, Prince Bank, Cambodia Airways, as well as Awesome Global Investment Group. Via its subsidiaries, Prince Holding Group has over 80 businesses in Cambodia operating in real estate development, banking, finance, aviation, tourism, logistics, technology, food and beverages, and lifestyle sectors etc.

Rising foreign direct investment, free trade agreements with leading countries and future participation in the Regional Comprehensive Economic Partnership are expected to act as key drivers for the Cambodian economy, supported by pro-industry policy initiatives by the government.

Leveraging a network of industrial, business and financial professionals across Asia, Prince Holding Group has laid the foundation to be a vital conduit for local and international capital. Moving forward, Prince Holding Group will continue to seek out opportunities to play an important role in Cambodia, through partnerships or direct investments into key industries for the betterment of Cambodians and the local economy.