Henry Sy, the owner of SM Prime Holdings Inc., is expanding its mall property portfolio to China.
According to SM Prime executive vice president and chief finance Officer Jeffrey C. Lim, there is already a $300 million budget ready for the expansion. This amount will cover the cost of expanding both in the Philippines and in China.
SM Tianjin, in China, will be the company’s largest shopping center considering the gross floor area of 540,000 square meters. This new shopping center will open in 2015.
Furthermore, SM Prime has acquired three more properties in mainland China.