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Billionaire Henry Sy, whose retail empire has made him the richest man in the Philippines, may build as many as three malls a year in China to expand in the first major economy to rebound from the global recession.

“We have 34 malls in the Philippines and China is a market that’s 13 times bigger” by population, said Hans Sy, president of SM Prime Holdings Inc., a unit of his father’s SM Investments Corp. SM Prime, the biggest Philippine mall operator, is spending 5.5 billion pesos ($115 million) this year in China.

via Philippines’ Richest Man Sy to Expand Empire in China (Update2) – Bloomberg.com.