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Article: CHINESE FIRM EYES PHILIPPINE RESORT.
- Article from:
- AsiaPulse News
- Article date:
- August 1, 2006
CopyrightCOPYRIGHT 2006 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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 ...