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Chinese appetite for Manila condos grows with warmer ties, weaker peso

Tourism and online gambling are helping to drive record residential sales

This SM Prime Holdings condominium complex near Manila Bay is home to many Chinese who work for offshore gambling companies. (Photo by Jilson Tiu)

MANILA -- In 2013, Hu Liyun, 42, acquired her first condominium in Metropolitan Manila -- a 24-sq.-meter unit for her twin boys, who would be staying there to study English.

Hu, whose family manufactures sofas in Zhejiang, south of Shanghai, soon realized that Manila condos aren't a bad investment. Last year, she purchased her third, a 45-sq.-meter unit near Manila Bay, for 6 million pesos ($115,000).

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