Over the next three to five years, the SM Group conglomerate could change the ownership structure of the malls it owns in China so that they are held by real estate investment trusts, said Jose Sio, chief financial officer of SM Investments Corp. "The potential of China is so huge. We will do either an IPO or REIT, [but this will be] in three to five years," he said. The shares will probably be listed in Singapore and Hong Kong, Sio said.

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