SY-led SM Prime Holdings Inc. is “open” to looking for more land to acquire in China as locations for more shopping malls in the country, a company official said.
In an interview on Thursday evening, SM Prime executive committee head Hans Sy told reporters that the firm continues to remain “open” to looking for land in Fujian Province in China.
“But we are still continuing to really look. We may even look into acquisitions of some. But… I’m just saying I’m open,” Sy told reporters on the sidelines of the Philippine Stock Exchange’s Bell Awards on Thursday.
At present, SM Prime has six shopping malls in China, in the cities of Xiamen, Jinjiang, Chengdu, Suzhou, Chongqing, and Zibo.
Despite being open to hunting for properties, Sy noted that the firm has no concrete plans on the purchase of properties due to the rising property prices in China.
“Development of China has been phenomenal for the last ten years. So the value has gone up,” Sy said.
Sy noted that rising property values have also affected the second and third tier cities of China.
In terms, of looking for land, Sy noted that the firm is being “choosy” as it is only looking for properties that are located in Fujian, which is the home province of SM founder Henry Sy.
SM has a total of 58 malls in Philippines and six in China, bringing its total gross floor area (GFA) to 8.5 million square meters.