Property developer controlled by Filipino billionaire Manuel Villar eyes selling assets to pay debts

Vista Land, a property development company controlled by Filipino billionaire Manuel Villar, is exploring the sale of non-core assets in an effort to alleviate its mounting debt. The company disclosed in a stock exchange filing that the potential sale could generate up to 15 billion pesos ($240 million). In addition to considering the sale of its retail assets, Vista Land is also exploring strategic options for its retail properties, including potential transactions involving VistaREIT.

This move follows the company's suspension from trading by the Philippine Stock Exchange since June, due to a failure to submit its financial reports on time. The audit of its 2025 financial statements is ongoing, which has delayed the preparation of its financial statements for the first six months of the year. Furthermore, the Philippine Securities and Exchange Commission has filed a criminal complaint against Villar and his companies, alleging market manipulation and insider trading.

Despite these challenges, the developer remains committed to addressing its funding gap through various liquidity management alternatives, including divesting some of its retail assets and landbank. The key risk for the company is executing timely fundraising before the debt maturities, which are expected in the next three years, including a $450 million bond due in July 2029.