Article: CHINESE FIRM EYES PHILIPPINE RESORT.

CEBU CITY, Aug 1 Asia Pulse - A China-based company is interested in buying the 20-hectare Coral Reef property on Mactan Island which has been foreclosed by the Philippine National Bank (PNB).

Tourism Secretary Joseph Durano said PNB is about to clinch a deal with the Chinese firm to acquire the resort hotel.

However, Durano temporarily withheld the name of the Chinese investor until the deal is closed.

The Chinese company plans to build 1,000-room medium rise hotel with a convention centre and a golf course.

"If we can ink the deal, it could be another project to brag about this year," said Durano.

But Durano said PNB and the ...

Related newspaper, magazine, and journal articles:

 
 
Newsweek Harper's Magazine The Washington Post Chicago Tribune Crain's Chicago Business PRNewswire Pediatric News The Nation Advertising Age The Economist (US) A FREE trial gives you access to over 80 million articles! Access over 6,500 publications with a FREE trial!