Chinabank Eyeing Buyers for Emerald Bay Property

China Banking Corp. is looking for potential buyers of the land where the unfinished Emerald Bay Resort project in Cebu is located after its leaseback deal with PH Resorts Group Holdings Inc. of Davao-based businessman Dennis Uy expired.

- — Richmond Mercurio

Chinabank chairman Hans Sy said the bank would open up the 14-hectare property in Mactan for sale to interested investors.

"We have it already. It's already in our name. We'll start opening up to people who showed interest," he said.

According to Sy, there are a couple of parties that have shown interest in the land.

On SM's end, he said the group is not keen on buying the property given that its hands are already full with its ongoing developments.

PH Resorts subsidiaries Lapulapu Leisure Inc. (LLI) and Lapulapu Land Corp. (LLC) in October 2023 successfully restructured their existing outstanding indebtedness with Chinabank after executing a sale and leaseback agreement.

The debt restructuring arrangement, which covers the property in Mactan, allowed LLI and LLC to repay the bridge loan facility extended by Chinabank in 2018 and granted them continued possession and use over the property in order to finish the construction and development of the Emerald Bay project.