SM prime Holdings Inc., the country’s leading shopping mall operator and developer, will open three malls in China in the next three years.

SM Prime executive vice president and chief finance officer Jeffrey Lim told reporters that SM Prime would open a mall next year in Suzhou near Shanghai. SM Prime in 2010 will inaugurate a mall in Chongqing and another one in Zibo in 2011.

Lim said the company had decided to go slow with its China expansion. SM Prime is allotting P3 billion expansion next year.

SM Prime operates three malls in China—Xiamen and Jinjiang in southern China and Chengdu in the Central part.

Lim said the funding for the China malls expansion would come from dollar borrowings for conversion into yuan.

Meanwhile, SM Prime said it would open three malls in the country next year. These are SM Naga (Bicol), SM Rosario (Cavite), and SM Pamplona (Las Piñas).

The company will also complete the expansion of SM North Edsa and SM Rosales.

The projects will add 214,000 square meters of leasable space to the company.

SM Prime by yearend is expected to have 33 malls nationwide. Including the SM China malls, the firm’s total estimated gross floor area will reach 4.7 million sq.m.