China, on the other hand is a new frontier for SM Prime's growth where it now has six malls in Xiamen, Jinjiang, Chengdu, Suzhou, Chongqing and Zibo spanning a total GFA of over 900,000 square meters. Strategically located in fast growing second- and third-tier cities, the SM malls are thriving with high occupancy levels and forging long-term tenant relationships with leading local and international brands. SM plans to build further on its early successes in a country that offers endless possibilities.
As part of its thrust towards environmental sustainability, SM Prime recently converted SM Xiamen into its first solar-powered mall in line with its commitment to reduce greenhouse gas emissions and optimize energy efficiency. The company has installed an efficient ice-based cooling system in SM Jinjiang. SM Prime continues to place strong emphasis on investing in the latest innovations in sustainable and energy efficient technology along with other green-based technology such as water recycling facilities, waterless urinals, solid waste management and LED lighting systems among others.
SM continues to explore opportunities to open new malls in China, particularly in second and third-tier cities with attractive demographic profiles and a growing income base.