SM Prime Holdings Inc., the Philippines’ largest operator of shopping malls, has tapped Citigroup Global Markets Limited and Macquarie Securities (Asia) Pte. Ltd. as joint financial advisers to help evaluate its potential acquisition of three malls in China.

The malls are currently owned by SM Prime’s controlling shareholder, the family of billionaire Henry Sy Sr.

‘SM Prime will announce further details on the proposed acquisition as soon as the study is completed,’ it said in a brief statement to Manila’s stock exchange.

In June, SM Investments Corp. — the country’s second-largest company by market value — said the company was looking at the possibility of expanding its retail and mall operations under unit SM Prime into China and is also considering listing its mall assets in Singapore.

In the Philippines, SM Prime opened another mall in the first half, and will open two more before the year ends, bringing to 30 the total number of its malls nationwide.