Retail in Asia

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SM Prime allots USD8.9b for 5-year expansion

SM Prime Holdings Inc. (SMPH), the umbrella firm for the property businesses of the SM Group, is doubling its income and revenues in the next five years as it grows its office, mall, leisure, hotel and residential portfolio by two-fold in the same period.

The integrated property arm of the mall and banking conglomerate allotted PHP400 billion (USD8.9 billion) in the medium term to support its expansion in the Philippines, China and Southeast Asia, top company executives said.