SM Prime Holdings, Inc. is expanding its first mall in China with a new P1.5-billion retail development as it narrows its China expansion strategy to Fujian province, where the company has established strong brand recognition, according to BusinessWorld.
The property developer will launch the 19,403-square-meter CHAO Block at SM Xiamen City, adding retail and dining space to the existing mall. The expansion underscores SM Prime's commitment to the Fujian market, where it operates multiple malls and enjoys strong brand loyalty among Chinese consumers.
The move comes as SM Prime refines its overseas strategy, focusing resources on Fujian province rather than a broader China play. The company's Philippine-listed shares (SMPH) have been a bellwether for the country's retail and property sector, and the Xiamen expansion signals continued confidence in the region's growth potential.