Henry Sy-led mall and banking group SM Investments Corp. (SMIC) is looking to have a total of 10 malls in China in three to five years.
SM Prime Holdings Inc., the biggest shopping mall operator and developer in the Philippines, has 47 malls in the country and five in China. Its malls in China are located in Xiamen, JinJiang, Chengdu, Suzhou and Chongqing.
Jose Sio, SMIC chief financial officer, said that the group is looking forward to grow the number of its mall in China by 10 in the next three to five years.
“Hopefully, in the next three years or three to five years time, that [10 malls] is the target,” he added.
With a plan to build one mall per year in China, SM Prime is now planning to build
shopping malls in three to four locations in the world’s second-largest economy.
SM Prime currently operates five shopping malls in China—Xiamen, Jinjiang, Chengdu, Suzhou and Chongqing—with a gross floor area of 800,000 square meters.
SM Prime will not be opening a new mall in China this year, but its officials said that it would open two malls in 2014, with Zibo and Tianjin as the next locations.
The listed mall operator registered a growth of 15 percent to P5.64 billion in its net income for the first half of this year, as its new malls started to make higher contributions to its bottomline.
Madelaine B. Miraflor