(Reuters) – SM Prime Holdings Inc , the Philippines’ largest mall developer and operator, will open its fourth mall in China on Friday and said it will further expand its local network with three more new malls opening before the year ends.
SM City Suzhou in Jiangsu Province is the second SM mall to open this year and SM Prime’s 45th mall, the company said in a statement.
“The company intends to open several more new malls in China in the coming years,” SM Prime president Hans Sy said.
In April, chief financial officer Jeffrey Lim said the mall operator may spin off its businesses in China for a possible listing to raise funds for further expansion in the world’s second-largest economy.
Shares of SM Prime, a unit of conglomerate SM Investments Corp owned by the country’s richest man Henry Sy, fell as much as 4.2 percent in early trades in a broad market sell-off.
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By: Erik dela Cruz
Source: Reuters, Sept. 22, 2011
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