SM Prime Holdings Inc. said Wednesday shareholders approved the planned merger with SM Land Inc. and the increase in the company’s authorized capital stock to P40 billion.

SM Prime chief finance officer Jeffrey Lim said in an interview during the special stockholders’ meeting the company hoped to secure all regulatory approvals and complete the transaction leading to consolidation of the property-related businesses of the SM Group before the end of the year.

The consolidation is expected to create the county’s biggest real estate company in terms of market capitalization.

Lim said SM Prime was now looking at investment opportunities for the group within the Asian region, focusing on China.

Lim said with SM Prime already operating several shopping malls in China, it would be easier for property firm SM Development Corp. to also expand in the world’s second- largest economy.

The SM group plans to tap the debt market, as it draws an integrated investment plan for shopping malls, residential development, leisure and commercial businesses.

SM Prime plans to spend P25 billion to develop a 30-hectare property in Cebu City into a mixed-use complex similar to Mall of Asia Complex in Pasay City.

The boards of directors of SM Investments Corp. and SM Prime announced on May 31 this year the plan to consolidate the property-related businesses of SMIC, under SM Prime, which is the leading shopping mall owner and operator.

“We thank our shareholders for supporting this merger. With the different property units of SM working as one, we can leverage the strengths of each of these units to undertake a wider range of projects, larger in scope in a more coordinated manner. This, we believe will result in enhanced shareholder value, and more than this, create greater value for the communities we serve,” SM Prime president Hans Sy said.