ChinaBank in No Rush to Sell Stalled Emerald Bay Resort Site in Cebu

China Banking Corp (ChinaBank) is reportedly in no rush to divest the stalled Emerald Bay integrated resort site in Cebu, despite the prolonged pause in development. The project, located along Cebu’s South Road Properties, was originally envisioned as a large-scale tourism and gaming destination but has remained dormant following earlier setbacks, including the withdrawal of its original casino partner. Recent commentary suggests the lender prefers to wait for improved market conditions rather than pursue a discounted sale of the prime beachfront asset.

Emerald Bay was previously developed by PH Resorts Group, controlled by businessman Dennis Uy, before financial pressures led to ChinaBank taking control of the property. While the resort once held a provisional casino licence issued by PAGCOR, that licence has since lapsed, adding another layer of complexity for any potential buyer. Industry observers note that any future investor would need to reapply for regulatory approvals and reassess the project scope.

According to market watchers, ChinaBank’s measured stance reflects confidence in the long-term fundamentals of the Cebu tourism market, rather than an urgency to exit. Cebu remains one of the Philippines’ most important leisure and business hubs, with strong domestic travel demand and improving international arrivals. Comparable reports from regional analysts suggest that high-quality, well-located resort land remains scarce, supporting the bank’s view that asset values could recover with time.

The cautious approach also mirrors a broader trend across Asia, where lenders and asset holders are increasingly selective about timing disposals of large integrated resort sites. With investor sentiment toward gaming and mixed-use developments gradually stabilising, banks are weighing whether holding assets longer may yield better outcomes than immediate liquidation. In the case of Emerald Bay, patience appears to be the preferred strategy.

Looking ahead, the site’s future will likely depend on renewed investor appetite, regulatory clarity, and the broader pace of recovery in the Philippines’ tourism and gaming sectors. While no definitive timeline has been set for a sale or redevelopment, Emerald Bay continues to be viewed as a strategic asset — one that ChinaBank believes could command stronger interest when market conditions are more favourable.