The bank says it has received offers for the stalled Cebu project but will wait until it secures a price it considers acceptable.
The Philippines.- China Banking Corp (Chinabank) is in no rush to sell the land housing the stalled Emerald Bay Resort and Casino project in Mactan, Cebu. Media reports cite the bank’s chairman, Hans Sy, saying that the company has received offers but wants to wait for the right price.
“There are offers,” Sy said in an interview with GMA News. “We’ll negotiate. When we get a price that we find is good, then we sell.” He said the bank believes the value of the site will increase over time.
Emerald Bay was envisioned as a US$300m integrated resort development by PH Resorts Group Holdings Inc (PHR). The project broke ground in 2017 and was originally scheduled to open in 2021, but construction stalled during the Covid-19 pandemic amid labour shortages, supply-chain disruptions and funding challenges. Work on the site never resumed.
Chinabank gained control of the property following a sale-and-leaseback arrangement signed in October 2023, under which PH Resorts restructured outstanding debt and retained an option to repurchase portions of the land and improvements. That repurchase option expired on March 31, 2025, without renewal after the bank declined to extend the agreement.
Last month, the Philippine Amusement and Gaming Corp (Pagcor) revoked Emerald Bay’s provisional gaming licence, further diminishing the project’s prospects.
Sy said Chinabank had given PH Resorts ample time to recover the project. “We gave them a chance because we don’t want to be ruthless,” he said.
Looking ahead, Sy described 2026 as a “challenging” year and said the bank would prioritise lending to small and medium-sized enterprises, which he sees as offering more stable opportunities than large, capital-intensive developments.
The bank says it has received offers for the stalled Cebu project but will wait until it secures a price it considers acceptable. The Philippines.- China Banking Corp (Chinabank) is…
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