SM Prime Holdings Inc. has invested over P4 billion (approximately $70 million) for its maiden hotel venture in China, according to a report by Philstar Biz. The project is located in Xiamen, a coastal city in Fujian province.
The hotel marks SM Prime's first hospitality property in China, strengthening the Sy family's strategic presence in the country. The investment underscores the group's confidence in China's long-term economic prospects and its growing tourism sector.
The venture holds personal significance for the Sy family, as SM founder Henry Sy Sr. was born in Xiamen before migrating to the Philippines. The hotel is seen as a way to honor his legacy while expanding the conglomerate's international footprint.