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Colliers Flash | Headed for the exit? ... or will a renewed pivot to China prop up Philippine property?

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POGO, Philippine Offshore Gaming Operators, Philippine property market, China

As a new administration takes the reins, we will see if the new president will foster friendlier relations with China. And if this happens, will this pivot revivify property market after the disruption brought about by the Covid-19 pandemic.

 

In 2017, Colliers Philippines released a commentary entitled “Enter the Dragon,” which highlighted the impact of POGOs (Philippine Offshore Gaming Operators) and mainland Chinese tourists to the Philippine property market. The report also discussed the potential impact of China-funded infrastructure projects on the real estate market and their role in advancing the government’s “Build, Build, Build” program.

But as the Covid-19 pandemic has disrupted the property market, office vacancies soared, resulting in rental corrections across key business hubs, while launches and take-up of pre-selling condominiums in Metro Manila plummeted. The exodus of POGOs exacerbated the property slowdown. As a new administration takes the reins, we are yet to see if will foster friendlier relations with China. And if this happens, will this pivot revivify property market?

 

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POGO, Philippine Offshore Gaming Operators, Philippine property market, China

Colliers Flash | Headed for the exit? ... or will a renewed pivot to China prop up Philippine property?

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