SM Prime upbeat on China amid economic slowdown

Amid concerns of a cooling Chinese economy, SM Prime Holdings Inc., one of Southeast Asia’s largest integrated property developers, remains upbeat about its businesses in China, where it has also ventured into the office leasing business in addition to malls.

- By JAMES A. LOYOLA

“In China, there is nothing to worry about. The performance and the competition are still very much there. The growth is very much there,” SM Prime Chairman Hans T. Sy said in an interview.

He noted that, “We just finished a three-tower office with a total of 75,000 square meters. In less than a year, we’re 60 percent leased out already.”

Sy attributed the fast office take-up to their ability for new tenants to move almost immediately because the spaces are already fitted out.

“What is the biggest problem in moving offices? They’re having to do with fit-out and all those things. But in China, there are just so many things available.