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Report: SM Prime owners unveil megamall plans for Chinese city

The Sy family, that owns SM Prime Holdings Inc., is looking to build a megamall in Tianjin as part of the SM Investments Corp.'s expansion in China, Bloomberg News reported.

According to the June 7 report, the planned mall in one of China's major cities will have more than 500,000 square meters of floor space, which is about the same size as The Pentagon in the U.S.

Aside from the mall that will be designed as a blossoming flower, the conglomerate is also planning to start residential developments in the country's Xiamen and Jinjiang cities, the report noted. The conglomerate is developing a residential site in Chengdu.

Bloomberg indicated that the project is a likely result of the Philippines' foreign policy shift to Beijing, which was started by President Rodrigo Duterte.