Philippines’ richest man to build new malls
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Henry Sy, whose retail empire has made him the richest man in the Philippines, may build three shopping malls a year in China, Bloomberg has reported. Sy’s SM Prime Holdings already owns 34 malls in the Philippines and China, but will add to its China portfolio with a PHP5.5 billion (US$115 million) investment this year.”China has a big consumer market, it will continue to evolve,” Sy was quoted saying.
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