SM DEVELOPMENT Corp. (SMDC), the listed middle-income property developer of billionaire Henry Sy, has yet to determine the final dates for the proposed equity fundraising.

He said the builder will proceed with share sale “as soon as the market is stabilized.”

SMDC chief executive officer Henry Sy Jr. said earlier that the company wants to increase its free float level from 15 percent to about 25 percent. SMDC has a market value of 67.17 billion after its shares closed at P7.97, up 0.25 percent, on Friday.

Meanwhile, Sio said the company continues to “study” plans to enter China’s residential market, citing the regulatory framework in that country.

Sy Jr. said earlier that SMDC could launch its first project in China within this year.  He said initial projects could be located in Xiamen and Jinjiang City.

SMDC reported in August that profits in the six months to June jumped 54 percent to P1.93 billion as revenues increased 65 percent to P7.14 billion. 

SMDC had 10 ingoing projects as of the first half, and has made plans to launch six more in the second semester within Pasig, Quezon, Pasay, Manila and Parañaque cities.

SMDC chief operating officer Rosaline Qua said in June the company’s full-year net income could hit P4 billion, or higher by a third compared with the company’s 2010 earnings.