According to a report from the reference news network on December 1, foreign media states that despite China's turbulent economy scaring away some foreign investors, Sy Chee Hsin, the wealthiest man in the Philippines, is not among them: he is intensifying his plans to build more malls in China.
According to the Wall Street Journal on November 29, Sy Chee Hsin, who was born in China, left China about 80 years ago, and has made his fortune in the Philippines from retail to banking. Now, he is doubling down on the rising consumer class in China. His company, SM Group, plans to open three new malls in China by 2017; currently, the group operates six malls in China. One of the new projects, located in the city of Tianjin in Northern China, is set to open next year and will become the largest standalone mall in the world.
Reports indicate that compared to some Chinese competitors, SM Group is merely a small fish. In 2014, the group's sales revenue was $7.7 billion, a tiny fraction compared to the $39.1 billion of China's real estate and retail giant Dalian Wanda Group. As consumer confidence wanes, billionaire Wang Jianlin's Wanda Group is closing stores. Conversely, SM Group plans to spend $450 million annually to build new malls in second-tier cities in China. (Source: reference news network)