Property giant SM Prime Holdings Inc. is allotting P20 billion yearly capital expenditures (capex) until 2018 to open in China a total of nine malls with integrated residential, office and hotels known as “microcities.”

Jeffrey Lim, SM Prime executive vice president, said the P20 billion yearly capex is part of the company’s five-year master plan from 2013 to 2018 to spend P400 billion to double net income and existing portfolio of malls, offices, hotels and other leisure-related developments.

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