SUMMARY
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The Philippines’ largest mall operator is set to expand its presence in China to 5 malls. On December 14, SM Prime Holdings Inc. will open SM City Chongqing, a one-building structure with 5 levels located in Yubei District in South China. The new mall has a gross floor area of 149,080 square meters, of which 85% has already been awarded to various tenants. Robust sales of China- and Philippine-based malls boosted SM Prime’s January-to-September net profits by 15% to P7.4 billion. The opening of SM City Chongqing brings the total SM mall chain in both China and the Philippines to 51 with a combined Gross Floor Area of 6.3 million sqm.
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