The Chairman of China Banking Corp says the bank has received several offers for purchase of the site of the stalled Emerald Bay integrated resort development in Cebu but will hold firm until an offer reaches expectations.
In an interview with local media outlet GMA Network, Hans Sy explained that Chinabank – which took control of the site in October 2023 via a refinancing deal with PH Resorts Group subsidiary Lapulapu Leisure Inc (LLI) – was in no rush to sell the site but was confident that negotiations with interested parties would lead to a positive result.
“I know our value will go up, so I said no need to rush,” Sy told GMA Network. “There are offers, we’ll negotiate, we get a price that we find that is good, then we sell.”
The sale of the stalled project comes after PH Resorts Group failed to meet an agreed deadline to buy back the site from Chinabank following the 2023 refinancing deal. That deal involved LLI selling the property to Chinabank but with an option to buy it back by March 2025 should it successfully secure new investors.
Despite reaching initial deals with both Solaire operator Bloomberry Resorts Corp and later with Okada Manila parent Tiger Resort, Leisure and Entertainment Inc (TRLEI) – PH Resorts Group was ultimately unable to secure the investment it needed.
Chinabank ultimately revealed in May 2025 that it had pulled the pin on any potential sellback and would look to offload the property elsewhere instead.
Situated on a 12.3-hectare site, Emerald Bay had been envisioned to become Cebu’s second integrated resort after NUSTAR, with plans for a five-star hotel featuring two 15-story towers with 642 rooms, four pools, 18 food and beverage outlets, retail spaces, conference and exhibition facilities, and a large-scale gaming floor with more than 700 electric gaming machines and over 140 tables.
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