MANILA — Tycoon Henry Sy is expanding his footprint in mainland China with the opening last Friday (Sept. 23) of SM Prime Holdings’ fourth shopping mall in Asia’s largest economy.
The newest SM mall, the SM City Suzhou in Jiangsu Province, also the SM founder’s land of birth, is located in the metropolis’ Wuzhong district and has a gross floor area of 72,552 square meters, 89 percent of which has already been awarded to various tenants, according to SM Prime disclosure to the Philippine Stock Exchange.
“The mall’s launching affirms SM Prime’s keen objective to continue growing and expanding in areas of opportunity, even in those beyond the boundaries of the Philippines,” said SM Prime president Hans Sy on Thursday. “It also confirms that the Filipinos have the needed knowledge, skills, and talents to compete in a global arena. Thus, the company intends to open several more new malls in China in the coming years.”
The group’s three other existing malls are located in Xiamen, Jinjiang and Chengdu. The first two cities are in China’s Fujian Province while Chengdu is in the Province of Sichuan. Jinjiang is the Sy patriarch’s hometown.
The city of Suzhou in China has a population of approximately 6.3 million and has several export processing zones and industrial parks. Its many industries include electronics, IT (information technology) and biotechnology. The city is also known for its rich cultural attractions such as temples, gardens and ancient water towns.
The major tenants contracted to lease space at SM’s new shopping mall are Vanguard Hypermarket, SM Department Store, KFC, Jack & Jones and Wanda Cinema. /INQUIRER