Philippine billionaire to expand operations in China

Philippine billionaire Henry Sy, head of SM Investments, may open three shopping malls in China per year in an effort to expand his firm’s operations in the country, Bloomberg reported. The company, which already owns 34 malls in the Philippines and malls in Xiamen, Jinjiang and Chengdu, plans to spend US$115 million this year in China. SM Prime Holdings, a unit of SM Investments, will open one mall in China starting 2010 and may increase to three malls per year by 2013 said Hans Sy, son of Henry Sy and president of SM Prime. The locations include Suzhou, Chongqing and Zibo and there are plans to expand to other emerging cities. SM Investments will also double the size of its Xiamen-based mall this year. Analysts said that entering China is a positive move for SM Investments but that it may not be easy sailing as there is strong competition in the country’s retail market.