SHENZHEN, Jul 21, 2009 ( via COMTEX) — To capitalize on China’s fast economic growth, SM Prime Holdings Inc., the listed mall developer of the SM Group, is planning to add more sales outlets in China in years ahead in an effort to tap higher-end consumers there.

Billionaire Henry Sy, chairman of SM Group, says that SM Prime Holdings has 34 malls in the Philippines and China is a market that is 13 times bigger. SM Prime Holdings is set to invest as much as USD 115 million in China this year to speed up its expansion.

SM Group has aimed at smaller cities beyond major cities like Beijing and Shanghai. By now it has built up its presence in Xiamen, Jinjiang, and Chengdu, with three malls in the pipeline in Zibo, Suzhou and Chongqing.

SM Prime is looking to open one mall annually in China starting 2010 and may accelerate that pace to as many as three yearly by 2013.