Billionaire Henry Sy to expand shopping centers in China
Philippine shopping mall magnate Henry Sy has been looking to expand its foothold in China. This was according to a report from Reuters adding that the Philippine billionaire intends to build more shopping malls in China through SM Investments Corp.
Manila based SM Prime Holdings Inc. intends to establish two shopping malls in China from 2016 according to SM Prime CFO Jeffrey Lim in a statement yesterday. Two malls have been planned to rise in 2016 and 2017 in Yangzhou and Changzhou.
In a media interview in Hong Kong yesterday, "China will provide us the long-term growth path as we continue to focus on the Philippines. Once we have set up the organization, we could move into two malls every year."
SM Prime's expansion in China would decrease the company's reliance in the Philippines after slow economic growth seen at 6.5 percent this year. This was according to a data surveyed by Bloomberg among economists.