China Banking Corp. (Chinabank) is preparing to sell a prime 14-hectare property in Taguig City recently acquired from Chelsea Logistics and Infrastructure Holdings Corp., a firm led by Davao-based businessman Dennis Uy. The planned divestment signals a strategic move to unlock value from non-core bank assets and attract high-value corporate interest in the real estate market.
Chinabank chairman Hans T. Sy confirmed that the bank is entertaining offers for the property. “We have it already. We will start opening up to people to show interest. There are a couple of interested parties,” Sy said in a recent statement. Describing the site as a “very valuable property,” Sy noted that the bank had already given Uy an extended opportunity to repurchase the asset.
The land, formerly part of Chelsea Logistics’ real estate portfolio, was transferred to Chinabank through a dacion en pago agreement—an asset-for-debt settlement—which Chelsea president and CEO Chryss Alfonsus V. Damuy said was part of the company’s strategic move to optimize its asset base and improve liquidity. The transaction led to a 5 percent decline in Chelsea’s total consolidated assets and a 16 percent reduction in current liabilities.
According to Sy, Uy had a leaseback arrangement on the property, but this has now lapsed and will not be renewed. “It’s not easy to sell a property that size,” Sy admitted, while still highlighting its strong location and clean title. “You’d be surprised, no, because the location is very nice. It’s really in our name. It has no more pending [issues].”
The potential sale comes at a time of robust financial performance for Chinabank. The bank recently declared P6.7 billion in cash dividends, including a regular dividend of P1.50 per common share—up 25 percent from 2024—and a special dividend of P1 per share. The total payout reflects a 14 percent increase from the previous year, with a dividend yield of 2.8 percent based on its April 23 closing price of P89.55 per share.
Analysts say the combination of strategic asset disposal and generous shareholder returns underscores Chinabank’s disciplined capital management and positions it for further growth amid a competitive banking environment.
