BEIJING — The Philippine’s biggest shopping mall operator SM Prime Holdings, Inc. has started construction of what was described here as the world’s “largest freestanding shopping center” in the northern port city of Tianjin, state newspapers reported last week.

A statement from the government of the Tianjin Binhai New Area said the SM Group is infusing $476 million for the company’s 8th shopping mall in China. The Tianjin project would have a total floor area of 530,000 square meters, or almost a third bigger than the company’s 407,000 square-meter SM Mall of Asia in Metro Manila.

“With an area larger than 74 football fields, the SM Tianjin Shopping Center is expected to become the world’s largest freestanding shopping center in terms of commercial space upon its completion by the end of 2013,” several state-owned newspapers in China said, quoting a statement.

The press here further reported that the mall in Tianjin is the largest investment that the Filipino company is investing in its operation here.

Tianjin is roughly 30 minutes away from China’s capital via high-speed train.

“Construction started on Saturday. The mall will feature three oval-shaped buildings, which are linked together by a ring-like structure,” reports read.

At present, SM Investments Corp. has shopping malls under construction in China, specifically in second-tier cities of Zibo, Chonqing aside from Tianjin.

SM shopping malls are already operating in Suzhou, Jinjiang, Xiamen, and Chengdu.

“In China, the company will continue to open one mall per year, with increased momentum by 2014,” SM Prime President Hans T. Sy said on the company’s Web site.

For this year, SM Prime aims to open more retail centers, bringing its portfolio to 46 Philippine malls and five China malls, with an estimated combined area of 6.3 million square meters.

SM Prime’s consolidated net income grew by 15% to P9.10 billion in 2011 from P7.90 billion in 2010 due to expanded capacity from its new Philippine malls and same-store rental growth. — Darwin T. Wee