Cebu Property Ventures and Development Corporation (CPV) was registered with the Securities and Exchange Commission on August 2, 1990 and started commercial operations on September 1, 1996. The company started as a joint venture corporation between the province of Cebu and Ayala Land, Inc. CPV became a 76% owned company by Cebu Holdings, Inc. after a successful tender offering undertaken in 1995. The company is engaged in real property ownership, marketing, management and development. CPV's operations consist of commercial land sales, development and leasing of office space, residential subdivision sales, and rental of retail space. CPV is the owner and developer of Asiatown I.T. Park, a 24-hectare property complementing the Cebu Business Park and located in the former Lahug Airport. The I.T. park obtained accreditation from the Philippine Economic Zone Authority (PEZA) as an I.T. Park in 2000. The company also hosts business process outsourcing and IT firms in its other properties such as eOffice One, Skyrise IT Building, CJRS Building, and The Walk, a retail strip that houses well known food outlets/establishments throughout Cebu. CPV has also established an institutional partnership with the Cebu Educational Foundation for Information Technology, which houses its professional certification, training and review center at the Asiatown I.T. Park. The center aims to establish occupational and proficiency standards for I.T. professionals in Cebu. Source: SEC Form 17-A (2008)