SM Investments Corp., Philippine billionaire Henry Sy’s holding company, climbed to a record after it said it may merge its property units, which could unseat Ayala Land Inc. as the nation’s largest developer.
Henry Sy went from running a shoe store in Manila to become the Philippines’ richest billionaire and owner of the nation’s largest retailer. Now the Chinese immigrant plans to raise $1 billion to expand his bank.
Macau casino mogul Lawrence Ho said gambling revenue in the Philippines “could easily” double to $4 billion in a couple of years, setting the stage to challenge Singapore as Asia’s second-biggest gaming hub.
SM Development Corp. , owned by Philippine billionaire Henry Sy , plans to build apartments in China as he aims to double the group’s number of shopping malls in the world’s fastest growing major economy. The stock rose to a record.
Melco Crown Entertainment Ltd. said it will boost its budget for its Manila casino in the Philippines by 10 percent to $680 million after the company received government approval to add more gaming tables.