A planned sale of a significant industrial property in Singapore was suddenly withdrawn from the market this week, coinciding with international investigations targeting its alleged beneficial owner, Cambodian-based tycoon Chen Zhi. The 32,000-square-foot asset located at 2 Jalan Kilang Barat in Bukit Merah had been listed on December 2 with an indicative price of approximately S$50 million but was unexpectedly removed three days later, according to local reports. This development unfolds as Singaporean law enforcement collaborates with U.S. and U.K. authorities investigating Chen Zhi, chairman of Prince Holding Group, for alleged large-scale fraud and money laundering schemes.
Linked to International Investigations
The sudden market withdrawal of the property, a major industrial asset coveted in the tight Singapore market, focuses attention on the complex web of corporate entities and individuals connected to Chen Zhi, 38, who remains at large after being charged in the United States.
Corporate records indicate the building’s registered owner is Chen Xiaoxuan, 25, who incorporated the acquiring company, 2JKB, in December 2022. Ms. Chen is reportedly assisting the Singapore Police Force (SPF) with ongoing inquiries related to Chen Zhi. Furthermore, she is listed as a director for three other companies—Supreme Cars Financial Services, Rolls Platform, and Cars and Coffee Leasing—all registered at the 2 Jalan Kilang Barat address.
The building address itself has been identified by U.S. investigators as a Singapore base for 11 entities connected to Chen Zhi and three related to his Singaporean adviser, Chen Xiuling (also known as Karen Chen).
Network Implications and Enforcement Actions
The international scrutiny intensified following sanctions levied against Chen Zhi and Chen Xiuling by the U.S. and U.K. on October 14, targeting alleged wire fraud, money laundering, and forced-labor operations in Cambodia. Two Singaporean nationals were also designated in the sanctions.
The breadth of the investigation recently touched another individual connected to the property’s owner. Tan Yew Kiat, 49, Chen Xiaoxuan’s father, was apprehended in November 2025 on suspicion of money laundering following a police raid on his office, which was directly linked to the U.S. probe concerning Chen Zhi.
This case is part of a series of coordinated enforcement actions. Singaporean authorities executed a large-scale operation on October 30, seizing or freezing over S$150 million worth of assets—including luxury vehicles and a yacht—tied to Chen Zhi and his global network. The magnitude of the alleged illicit activity is substantial; U.S. authorities have reported confiscating approximately US$15 billion (about S$18 billion) in Bitcoin and other assets associated with the organization.
The status of the industrial property remains uncertain following its removal from the sale listing. The marketing agent declined to provide commentary on the withdrawal. The SPF has confirmed that the fugitive tycoon is not currently in Singapore, underscoring the transnational nature of the alleged financial crimes and the challenges faced by authorities tracking complex international assets. As the investigations continue, the fate of the industrial holding—and other related assets—will likely hinge on mutual legal assistance and the unfolding outcomes of the international law enforcement actions.