SM Prime eyes overseas listing of China malls

SM Prime Holdings Inc., the country’s largest owner and operator of shopping malls, is studying the possibility of overseas listing for the company which operates its malls in China. Jose T. Sio, SM Investments Corp. executive vice president and chief financial officer, said once the SM Group , through SM Land (China) Ltd, has already put up 10 malls in China, it may seek listing in Hong Kong, Singapore or Shanghai. SM Investments is the parent firm of SM Prime. SM has malls in Chongqing, Suxhou and Zibo, while Mega Make Enterprise Ltd. operates two malls in Chengdu and Xiamen. Mega Make will be folded into SM Land, putting all SM malls in China to be under one company. “When [SM Prime Holdings, Inc.] reaches a critical mass, it can be listed in Hong Kong, Singapore or even Shanghai," Sio told reporters. “Critical mass, still depending on the market, is 10 malls." Hans Sy, SM Prime president, earlier said that the company is eyeing a total of 10 SM supermalls in China in the next five years to contribute 10 percent of its revenues from the present two to three percent. “We are opening one mall each year in China until 2013 or 2014," Sy said. At present, the company has existing three malls in China and has just expanded its Xiamen branch. Sy said the company is looking at Sozhou, Chongqing and Zibo in the Xiandong province for their new outlets. -GMANews.TV