Chinabank reportedly open to buyers for Emerald Bay Resort land
Development of the Philippine resort was suspended during the Covid-19 pandemic.
The Philippines.- China Banking Corp. (Chinabank) is reportedly looking to sell the land where the unfinished Emerald Bay Resort in Cebu is located following the expiry of its lease agreement with PH Resorts Group Holdings. According to reports, Chinabank chairman Hans Sy said the company would start opening up to people who showed interest.
PH Resorts obtained a provisional gaming licence from the Philippine Amusement and Gaming Corporation (PAGCOR) for the resort on Mactan Island, Lapu Lapu City, Cebu, in 2017. However, development was suspended during the Covid-19 pandemic.
In October 2023, PH Resorts’ subsidiaries, Lapulapu Leisure (LLI) and Lapulapu Land (LLC), restructured their outstanding debt with Chinabank via a sale and leaseback deal. Under the terms, the companies had an option to repurchase the property by March 31, 2025, with the condition of covering associated taxes, legal expenses and related costs. That option has expired without renewal.
In its annual report, PH Resorts indicated that it would revisit the possibility of repurchasing the property. PH Resorts was discussing a possible partnership with EEI Corp to finance and complete construction of the Emerald Bay project following a Memorandum of Understanding (MoU) signed by parent firm Udenna Corp. last December. But Sy has said Chinabank had no plans to renew the leaseback agreement.
Talks with other potential partners in recent years, including Okada Group’s Tiger Resort Leisure & Entertainment Inc. (TRLEI), Bloomberry, and Apple One, led to no final agreements.
