Philippine developer not keen to buy China property assets yet
SM Prime plans to wait a year or two, signalling that the country has not hit bottom
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Manila
PHILIPPINE billionaire Henry Sy's SM Prime Holdings Inc has received invitations to bid on Chinese property companies and assets. However, the developer is holding off because asking prices are too high.
"The opportunity is not yet quite there," president Hans Sy, one of the patriarch's sons, said in an interview in Makati City this week. "Give it a year or two, the right opportunity will come out. I'd rather eventually look into individual projects. That way I have better chances of knowing what we are getting into."
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