SM reveals China expansion plan
Filipino mall developer SM Prime will continue to expand its Chinese footprint.
SM has allocated $200 million to acquire properties and open malls in China. It is currently constructing SM Tianjin, slated to open in 2015.
It also bought a property in Yangzhou City to build a mall opening in 2016.
On top of that, it is also buying another three properties in mainland China to take advantage of the strong purchasing power there.
Its optimism about the Chinese market stems from the fact that retail appetite in China’s smaller cities is rising.
According to Global Retail Development Index, urbanisation, increasing disposable incomes, and the family-planning relaxation will fuel future retail growth in China.
It currently operates five malls in China and 49 in the Philippines.