MANILA - Mall operator SM Prime Holdings Corp., a unit of SM Investments Corp., said on Tuesday it planned to set up 7 more shopping malls in China in the next 5 years, in addition to expanding in the Philippines.

The company, in a disclosure to the Philippine Stock Exchange, confirmed comments by President Hans Sy to a local newspaper that the malls in China would contribute 10% to overall revenues by 2013 or 2014.

SM Prime currently has 35 shopping malls in the Philippines and three in China. Sy also said the company has enough land to accommodate 50 malls in the Philippines.

He said SM would open a mall in Suzhou in 2010, Chonqing in 2011 and at Zibo in Shandong province in 2012.

SM Prime posted revenue of P14.6 billion in the first 9 months of 2009, up 14% from year ago.