Tremors In Manila

Is its real estate boom about to collapse as Bangkok's did?

On the most expensive plot of land in Manila, an office tower is going up. A group of well-heeled investors paid $15,000 a square meter for the 2-hectare site, a record for the Makati business district, where prices have soared 180% in two years. Construction workers are razing the old Philippine National Bank building and expect to finish the new tower by early next decade. "Demolition is going on," a sign warns passersby. "Watch out for falling debris."

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