• SM Prime eyes China for ‘lifestyle city’ project

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    Besides the plan to build more malls in China, the group of the Philippines’s richest man Henry Sy is also eyeing a lifestyle city project in the second-biggest economy in the world.

    On the sidelines of 2013 Philippine Stock Exchange Bell Awards, SM Prime Holdings Inc. President Hans Sy said in an interview with reporters that the company has started to mull over the plan to build a lifestyle city project in China, or something like what the group did in its Mall of Asia project in Pasay City.

    “It has to be a lifestyle [city]. It will be a lifestyle, to see and to be seen,” he said.

    Included in the lifestyle city will be a residential project, which will also be considered the first time that SM Group will be bringing a residential component in its set of developments in China.

    “With the consolidated group, we can really go to China for residential already, [because]before it’s only malls,” Sy said.

    Toward the end of the year, the consolidated company of SM Group’s property assets will announce its five-year program that will also include its business prospects in China.

    “Toward the end of the year or early next year, we will roll out our five-year program that’s why I cannot preempt it,” Sy said.

    “By yearend or next year, at least the plans will all get together,” he added.

    The consolidation of SM Group’s property businesses, which will give the group a market capitalization of $14 billion, is set to be finalized within the year.

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