SM to open new mall in China in October
THE SM GROUP’S mall business is beefing up its operations in China, with a new mall set to open next month in Xiamen City, Fujian province.
“We still are expanding our footprint in China. We will be opening one mall in China by next month,” SM Supermalls President Steven Tan told reporters last week.
The company is also preparing to open another mall in Fujian province in 2027.
While the company is not actively looking to develop in other areas, Mr. Tan said its doors remain open to opportunities.
“If the opportunity presents itself, whether in the Philippines or other parts of the world, if we see that it is feasible, we’ll be there,” he said.
SM Supermalls is the mall unit of listed property developer SM Prime Holdings, Inc.
The two pipeline projects will add to SM Prime’s China portfolio, which comprises 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.
Aside from its malls in China, SM also has 88 malls in the Philippines.
On the local front, SM is preparing major redevelopments and expansions from 2026 to 2030, backed by an allotted budget of over P150 billion.
The planned investments cover 16 major redevelopments and 12 new lifestyle malls, as part of a portfolio-wide transition to greener, more innovative, and more people-centered destinations by 2030.
Over the next five years, SM is targeting the development of landmark flagship malls every year. These include SM Sta. Rosa in Nuvali (2026), Harrison Plaza in Manila (2027), SM Malolos in Bulacan (2028), Cavite (2029), and Pasay (2030).
SM Prime shares were last traded on Sept. 5 at P23 each. — Sheldeen Joy Talavera
