Philippines’ Henry Sy May Build Apartments in China
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SM Development Corp., owned by Philippine billionaire Henry Sy, plans to build apartments in China as he aims to double the group’s number of shopping malls in the world’s fastest growing major economy. The stock rose to a record.
Manila-based SM Development’s first residential project in China may start as early as next year, said Chief Executive Officer Henry Sy Jr., the tycoon’s eldest son. The company is raising 11.68 billion pesos ($266 million) in a 1-for-3 rights offer next month.