SM Supermalls is set to expand its footprint in China, with plans to open two malls in the Fujian province.

Despite China’s economic slowdown, the company said it remains optimistic about resilient consumer spending in the region.

SM Supermalls president Steven Tan revealed that the company’s property arm, SM Prime, will develop one mall in Xiamen City and another in Fuzhou, Fujian’s capital.

“We are opening two more malls in China – one in a different part of Xiamen and the other in Fuzhou,” Tan shared. “These projects will keep us occupied for three to four years.”

He said the planned malls in Xiamen and Fuzhou will open next year and in 2027. 

“On the mall in Xiamen, it’s in the outskirts. We feel that there is an opportunity there, and our head office is in Xiamen, so it is easier to control,” he continued.

Tan said SM is initially focusing on the Fujian province because of its proximity. “There is a new lot that the government offered. We studied it and deemed that it was good,” he added.

SM is also set to complete the first part of SM City Xiamen Phase 4 (Xiamen 4) by the end of next year. The expansion includes a boutique hotel from a potential partnership with the Intercontinental Hotels Group. 

“We always come in as a mall first,” said Tan. “Then, if there is an opportunity for us to expand the hotel business, we do.”

SM Prime has eight malls in China: SM City Yangzhou, SM City Xiamen, SM City Jinjiang, SM City Chengdu, SM City Suzhou, SM City Chongqing, SM City Zibo, and SM City Tianjin.

The company also shared its plans to scale its Philippine operations to 100 stores by 2027.