A mall developer controlled by the Philippines’ richest man is planning to list its China shopping centre holdings on either the Hong Kong or Singapore stock exchange, according to a recent statement from an official with SM Investments.
SM, a holding company controlled by the family of Henry Sy, currently has five malls on the mainland, and intends to list these assets as either a real estate investment trust (REIT) or public offering, after further expansion of its portfolio.
A story in FinanceAsia quoted the company’s CFO, Jose Sio as saying, “The long-term plan is that as soon as we have enough malls, then we can separately list the China malls, either in Hong Kong or Singapore.”
Currently, SM has two mall development projects in the pipeline, including a 540,000 square metre centre in Tianjin that will be one of China’s largest shopping complexes when completed.
The group’s five operational malls on the mainland right now include projects in Xiamen, Jinjiang (Fujian), Chengdu, Suzhou, and Chongqing with a total GFA of 800,000 square metres. According to Sio, SM plans to have at least 10 to 12 malls in China before listing.
Listed by Forbes as the Philippines’ wealthiest person, SM’s owner Henry Sy, is estimated to have a personal worth (shared with his immediate family) of $11.4 billion.
SM Investments is listed in the Philippines, where it has 48 malls and is the country’s biggest mall operator.