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MANILA, Philippines – With its merger with SM Development Corporation, SM Prime Holdings Inc. announced preparations to develop housing in China.
The move will finally expand the SM brand from building malls in China to creating homes, said SM Prime president Hans Sy.
“As a consolidated group, we can now go to China with residential. We are coming in now as one company,” Sy said in an interview with reporters.
The SM group has 5 malls in China: in Xiamen, Jinjiang, Chengdu, Suzhou and Chongquing.
Back in 2010, SM Development had plans to develop residences within two of the SM malls, while SM Prime wanted to build condominiums beside SM Xiamen.
The projects were put on hold for a time due to regulatory issues.
Upon completion of the consolidation of the property firms, the Sy family will announce their 5-year expansion plan. The plan will involve shopping centers, residential and lifestyle communities, and leisure hotels.
SM Prime is expected to open two additional malls in China in 2014: SM Zibo and SM Tianjin. – Rappler.com
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