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Billionaire Sy Plans $1.5 Billion Mall Expansion: Southeast Asia

Philippine billionaire Henry Sy’s shopping mall developer is planning to spend 63 billion pesos ($1.5 billion) in the next three years to add as many as 18 shopping malls at home and in China as consumer spending rise.

SM Prime Holdings Inc., the biggest Philippine retail developer, plans to build four to five malls a year in the Southeast Asian nation. It’s also targeting a shopping center in China every year, said Hans Sy, the Manila-based company’s president and the billionaire’s son.