PH Resorts, the developer of the Emerald Bay project in Cebu, has now entered into a MOU with Cebu-based property developer AppleOne Properties for a majority interest in its Emerald Bay project.
The company, after months of debate, has now officially announced that AppleOne will be acquiring “at least a majority of the equity interest” in subsidiaries of the company which are linked to the project.
The move allows PH Resorts to pay its funds owed to China Banking Corp. and retains its rights to use and construct the Emerald Bay project.
