According to Philippine operator Megaworld Corp, China’s online ban won’t hurt its home sales nor its office leasing business.
Philippines.- China recently enforced a ban on Manila-based online casinos servicing gamblers in the mainland. However, Philippine operator Megaworld Corp. says it won’t impact on its home sales and office leasing business.
Kevin Tan, chief strategy officer for the Philippine operator assessed exposure to online casinos and residential sales to Chinese buyers. He assured they are “small and manageable” and will stay that way. “While we are the biggest lessor of office spaces in the Philippines, the [online casino] issue won’t affect both our office and residential businesses because our exposure remains small and manageable,” Tan told the Macau Daily Times.
China-Philippines relations have been tough lately regarding gambling. That’s why China’s embassy in Manila explained any forms of gambling by its residents in Philippine casinos is illegal.
Online and phone betting in the neighbouring country has bloomed over the last few years. That’s why the Chinese government is worried about the amount of money flowing out of the country.
“A conservative estimate shows that gambling-related funds flowing illegally out of China and into the Philippines amounts to hundreds of millions of yuan every year,” said a Chinese embassy statement. “There are analysts who believe that part of the illegal gambling funds have flown into local real estate markets and other sectors in the Philippines.”