Philippine bank opens Mactan resort property to buyers amid PH Resorts' recovery plans
China Banking Corporation, a local Philippine bank, is now welcoming potential buyers for a 14-hectare resort property in Mactan, Cebu —once set for the Emerald Bay casino project—which it acquired from PH Resort Group Holdings Inc., a company owned by businessman Dennis Uy. The bank confirmed that the property is now fully under its name and that previous leaseback agreements with PH Resorts have expired and will not be renewed.
The Mactan land was initially the site for PH Resorts’ Emerald Bay casino development. In October 2023, Chinabank and PH Resorts entered a sale-and-leaseback agreement to support PH Resorts’ restructuring of a PHP3.1-billion ($55.8 million) loan. The leaseback period lapsed in March 2025, and Chinabank now plans to offer the land to interested buyers, citing the property’s favourable location as a key factor in its market appeal.
Speaking to local reporters, Hans Sy, chairman of Chinabank, clarified that while PH Resorts was initially given ample time to repurchase or lease the land, the bank is now moving forward with its plans to dispose of the asset. Sy also ruled out the possibility that SM Prime Holdings Inc.—another Sy-led entity—would be acquiring the lot, as the company is currently engaged in other developments, including a large-scale reclamation project in Pasay City.
PH Resorts eyes Emerald Bay repurchase with help from potential partners
Despite Chinabank’s decision to sell the property, PH Resorts is exploring options to regain control of the Mactan site. Last week, the company said it is in talks with EEI Corporation and AppleOne Group of Cebu to raise funds for debt settlement and to exercise its repurchase option for the land.
Under the terms disclosed by PH Resorts, its subsidiary Lapu-Lapu Leisure Inc. holds the option to reacquire the land and improvements on the site. EEI has already extended PHP300 million ($5.4 million) in advances via Udenna Corporation, PH Resorts’ parent company. These funds were used in part to meet lease and interest payments due to Chinabank.
Chelsea Logistics settles debt with property transfer
In a related development, Uy-led Chelsea Logistics and Infrastructure Holdings Corp. recently transferred property in Taguig to Chinabank through a dacion-en-pago arrangement. The land, originally intended for warehouse development, was used to settle PHP1.63 billion ($29.4 million) in debt. The property had been acquired for PHP800 million ($14.4 million), with an additional PHP450 million ($8.1 million) budgeted for warehouse construction, which was later abandoned. The payment covered a large portion of Chelsea Logistics’ outstanding obligations to Chinabank, including loans to its shipping subsidiaries.
Ongoing financial reorganisation for Uy’s business interests
Across various entities, Dennis Uy’s business group is engaged in efforts to address outstanding debt and secure new funding. PH Resorts said it is working to close agreements with strategic investors and financial partners. At the same time, Udenna has committed to deferring its own receivables and supporting the group’s debt payments and project completions. These measures form part of a broader recovery initiative aimed at stabilising Uy’s portfolio and reviving the stalled casino development in Cebu.
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