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.
Teresita Sy-Coson sits down with her five siblings for lunch every Tuesday to plot the direction of the Philippines’ largest family-run conglomerate. The sessions start at 11 and invariably spill over the allotted two hours, says Sy-Coson, 63, chairman of BDO Unibank Inc. and the eldest child of Henry Sy, the country’s richest man.
Philippine billionaire Henry Sy will merge property units and assets under SM Prime Holdings Inc. this year that will create the country’s biggest developer with at least $14 billion in market capitalization.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.