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After P2.5B windfall from Chengdu: Frederick Go to wind down China
After P2.5B windfall from Chengdu: Frederick Go to wind down China business as RLC goes all in at home
RLC's Frederick Go
Bilyonaryo Frederick Go doesn’t want any more distractions as Robinsons Land Corp. (RLC) focuses on accelerating growth in the Philippines in the next few years.
The RLC president and CEO said the company is winding down its China operations after raking in a total of P2.5 billion in profit in the last six years.
“We’ve decided not to pursue China projects anymore after this Chengdu project. We did extremely well but at the end of the day, we decided to just focus on the Philippines, to focus on the many opportunities to build here so as not to be distracted anymore,” said Go in an interview with veteran journalist Ces Oreña-Drilon on “Usapang Bilyonaryo” aired on CNN Philippines.
“A big chunk of our profits in 2021 and 2022 came from China but it will stop there…In 2023, we’re complete, we’re done with it,” he added.
The Chengdu Ban Bian Jie high-rise project, with a floor area of 220,000 square meters, is RLC’s first and only foray in the international market.
RLC bought the 8.5-hetare lot in Chengdu, the fifth largest city and one of the richest urban areas in China, through a public auction in 2016. The company repatriated 90 percent or $200 million of its Chengdu investments as early as 2021.
* “Usapang Bilyonaryo” is a digital-first, hybrid magazine show hosted and produced by veteran broadcast journalist Ces Oreña-Drilon in cooperation with the Bilyonaryo.com team. The 30-minute TV cut airs on CNN Philippines at 8 PM every Monday, starting January 16. The full version or producer’s cut of each episode, as well as interview splices, will be posted on Bilyonaryo.com’s Youtube and Facebook accounts.