PHILIPPINE retail giant SM plans to make a bigger presence in
the huge Chinese market, said SM Prime Holdings Inc. president Hans
Sy.
PHILIPPINES IS NOT FOR SALE TO CHINA THRU SM
CORPORATION
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Among the Chinese cities that will soon have SM presence are
Suzhou, Chonging and Zibo. Xiamen, Jinjiang in southern China and
Chengdu in central China are the cities where SM is currently
operating.
Sy added that SM Prime wants to concentrate on China because of the
huge volume of consumers that can be tapped for its retail
products. “This is also in preparation for SM because we project
that the Philippine market will be saturated in five years,” he
pointed out.
“China is a significant market for SM Prime,” added Sy.
Earlier, SM Prime reported a consolidated net income of P6.4
billion in 2008 from P6 billion the year before. Revenues, on the
other hand, grew 12 percent to P17.8 billion. These results
included the operations of the three SM malls in China, following
their acquisition in late 2007. The SM China malls are in the
cities of Xiamen and Jinjiang in Southern China, and Chengdu in
Central China