In 1989, the tycoon said he would develop 173 hectares of reclaimed land overlooking the famed Manila Bay into a city within a city. Seven years on, only two condominium towers and a townhouse complex have been completed. Tan Yu blames the nearly successful coup by military rebels in December 1989 for derailing the project. For now, he wants to build eight more residential towers on the property. He has bought more lots and did reclamation work to expand the area to 200 hectares.
Some executives are rather negative on the Philippines .
Others are wary of Tan Yu. Tan Yu says the deal was scuttled because he decided his own executives can manage his hotels. Tan Yu was accused of pulling strings when the Taiwan government bailed out financially troubled Asia Trust in 1982. He regained control in 1989. For all the carping, Tan Yu has a lot going for him.