SM Prime Holdings, Inc. (SMPH.PH) plans to open one or two more malls in China and to continue to expand its mall network in the Philippines over the next five years, the Philippine Business World reported on its Web site Monday, citing a company official.

Expansion in China will be initially slow as the company tries to build its brand, strengthen its organization and gather financial strength, the Web site quoted SM Prime President Hans T. Sy as saying. ‘Our China direction mirrors our growth story,’ Sy said on the sidelines of a project launch, the Web site reported.