Philippine mall developer and operator SM Prime Holdings Inc. said on Friday it is spending 33 billion pesos (US$ 787 million) in the next five years to fund domestic expansion.

The company said the five-year budget includes 6 billion pesos this year for the construction of three new malls and the upgrade of three existing malls.

But the budget does not include plans to expand its presence in China with the acquisition of three new malls in Xiamen, Jinjiang and Chengdu.

‘The move will allow SM Prime to gain a foothold in China’s fast-growing economy and use this as a platform for long-term growth outside of the Philippines where it is the dominant shopping mall developer,’ the company said in a statement.

SM Prime’s board of directors also approved a 24-centavo cash dividend per share, in line with its policy of a 50 percent payout ratio of the prior year’s net profit.

SM Prime is a unit of conglomerate SM Investments Corp., the holding company of local tycoon Henry Sy. At 9:54 a.m., SM Prime shares were up 1.4 percent at 7.50 pesos.