MANILA -- SM Prime Holdings on Wednesday confirmed that it is planning to expand in Fujian province in China to grow its business.

The company confirmed with the Philippine Stock Exchange a Manila Bulletin report which said that it continues to boost its presence in Fujian.

SM Prime said it is opening one mall and one expansion project in Xiamen.

SM Supermalls President Steven Tan also noted that the expansion project includes a boutique hotel with more than 100 rooms.

The report said SM is finalizing a deal with InterContinental Hotels Group for one of their brands to operate the hotel.

SM is also opening another mall in the outskirts of Xiamen in 2025, it added.

Aside from Xiamen, SM also has malls in Jinjiang, Chengdu, Suzhou, Chongqing, Zibo, Tianjing, Yangzhou. 

SM Prime's net income reached P33.9 billion in the first 9 months of the year, 12 percent higher than numbers seen in the same period in 2023.

Its mall business, which makes up 57 percent of the company’s consolidated revenues, saw P56.5 billion in total revenues in the first nine months.

Meanwhile, its other key businesses, which include offices, hotels, and convention centers, made P11 billion in revenues from January to September.

SM Prime books P9.4 billion net income in Q1