SM Prime Holdings Inc. has earmarked P5.5 billion to finance the construction of three more shopping malls in China.

SM Prime said the three malls were on top of the other three malls earlier acquired in China.

The mall developer proposed to build shopping malls in Suzhou, Chongqing, and Zibo — all 2nd tier cities in China.

The firm has started constructing the SM Suzhou, the fourth China mall, and hoped to open it in 2010.

SM Suzhou has a gross floor area of 73,000 square meters (sq.m.) with 18,000 sq.m. designated as lease area.

SM Chongqing and SM Zibo, meanwhile, will have a gross floor area of 140,000 and 120,000 sq.m., respectively, and is expected to open in 2011 and 2012.

SM Prime president Hans Sy said that the new malls outside the country would serve “as springboard to lucrative cities in China.”

He also said that SM Prime’s China experience had been similar to their experience locally when SM was still starting its mall business.

“We still have to introduce to them what the concept of malling is all about. We have to be patient,” Sy said, adding that the firm would still build up its band equity in China.

SM Prime has allocated P12 billion in capital expenditures for this year.

The company is also building up four new malls this year in Tarlac, San Pablo and Calamba, Laguna, and Commonwealth in Quezon City.

The four local shopping centers will cost around P6.5 billion to construct and become operational by 2010.

SM Prime chief finance officer Jerrey Lim said that the firm hoped to realize a 15 percent topline growth in the first quarter this year though official figures might only be available by May.

SM Prime expects to increase its gross floor area to 4.5 million sq.m. with 39 malls, 36 locally and the three China malls this year.

The company is set to open malls in Naga (73,000 sq.m.), Pamplona, Las Piñas (40,000 sq.m.), and Rosario, Cavite (50,000 sq.m.).

The mall developer is also looking to open the Sky Garden at SM North Edsa ( an additional 34,000 sq.m.) and expand SM Super Center Rosales with an additional 17 sq.m. of floor area.