Given the question: Information:  - The Philippines, officially the Republic of the Philippines, is a sovereign island country in Southeast Asia situated in the western Pacific Ocean. It consists of about 7,641 islands that are categorized broadly under three main geographical divisions from north to south: Luzon, Visayas, and Mindanao. The capital city of the Philippines is Manila and the most populous city is Quezon City, both part of Metro Manila. Bounded by the South China Sea on the west, the Philippine Sea on the east and the Celebes Sea on the southwest, the Philippines shares maritime borders with Taiwan to the north, Vietnam to the west, Palau to the east and Malaysia and Indonesia to the south.  - Ayala Land, Inc. (ALI) is a real estate firm based in the Philippines. It is a subsidiary of Ayala Corporation. It began as a division of Ayala Corporation until it was spun off and incorporated in 1988. It became publicly listed in the Philippine Stock Exchange (PSE: ALI) in 1991. Its core businesses are in strategic landbank management, residential development, shopping centers, corporate businesses, and hotels. Support businesses are in construction and property management. ALI also derives other income from its investment activities and sale of non-core assets. Last April 2015, ALI bought a minority stake in Malaysian property developer MCT Bhd. in a P1.9-billion ($43-million) deal.  - China, officially the People's Republic of China (PRC), is a unitary sovereign state in East Asia. With a population of over 1.381 billion, it is the world's most populous country. The state is governed by the Communist Party of China, and its capital is Beijing. It exercises jurisdiction over 22 provinces, five autonomous regions, four direct-controlled municipalities (Beijing, Tianjin, Shanghai, and Chongqing), and two mostly self-governing special administrative regions (Hong Kong and Macau), and claims sovereignty over Taiwan. The country's major urban areas include Shanghai, Guangzhou, Beijing, Chongqing, Shenzhen, Tianjin and Hong Kong. China is a great power and a major regional power within Asia, and has been characterized as a potential superpower.  - Ayala Corporation (Spanish: "Ayala y Compañía") is the publicly listed holding company for the diversified interests of the Ayala Group. Founded in the Philippines by Domingo Róxas and Antonio de Ayala during the Spanish colonial rule, it is the country's oldest and largest conglomerate. The company has a portfolio of diverse business interests, including investments in retail, education, real estate, banking, telecommunications, water infrastructure, renewable energy, electronics, information technology, automotive, healthcare, and management and business process outsourcing. As of November 2015, it is the country's largest corporation in terms of assets ($48.7B).  - Palau (historically Belau or Pelew), officially the Republic of Palau, is an island country located in the western Pacific Ocean. The country contains approximately 250 islands, forming the western chain of the Caroline Islands in Micronesia, and has an area of . The most populous island is Koror. The capital Ngerulmud is located on the nearby island of Babeldaob, in Melekeok State. Palau shares maritime boundaries with Indonesia, the Philippines, and the Federated States of Micronesia.  - The Celebes Sea of the western Pacific Ocean is bordered on the north by the Sulu Archipelago and Sulu Sea and Mindanao Island of the Philippines, on the east by the Sangihe Islands chain, on the south by Sulawesi's Minahassa Peninsula, and on the west by Kalimantan in Indonesia. It extends 420 miles (675 km) north-south by 520 miles (837 km) east-west and has a total surface area of , to a maximum depth of . The sea opens southwest through the Makassar Strait into the Java Sea.  - SM Prime Holdings, Inc. or SM Prime is the parent company of the SM Group's shopping malls. It is the largest shopping mall and retail operator in the Philippines. It was incorporated on 6 January 1994 to develop, conduct, operate and maintain the SM commercial shopping centres and all businesses related thereto, such as the lease of commercial spaces within the compound of shopping centres. It later went public on July 5, 1994 and subsequently grew to become the largest company listed on the Philippine Stock Exchange in terms of revenue. As of 2007, SM Prime Holdings became one of the largest shopping mall chains in the world. The company's main sources of revenues include rental income from mall and food courts, cinema ticket sales and amusement income from bowling and ice-skating.  - The South China Sea is a marginal sea that is part of the Pacific Ocean, encompassing an area from the Karimata and Malacca Straits to the Strait of Taiwan of around . The area's importance largely results from one-third of the world's shipping sailing through its waters and that it is believed to hold huge oil and gas reserves beneath its seabed.  - Southeast Asia or Southeastern Asia is a subregion of Asia, consisting of the countries that are geographically south of China, east of India, west of New Guinea and north of Australia. The region lies near the intersection of geological plates, with heavy seismic and volcanic activity. Southeast Asia consists of two geographic regions:  - Manila (or ), officially City of Manila, is the capital of the Philippines.  - The Philippine Stock Exchange is the national stock exchange of the Philippines. It has been in continuous operation since its inception in 1927. Currently, it maintains two trading floors in Metro Manila: one at its headquarters at the PSE Plaza Ayala Triangle, Ayala Tower One in the Makati Central Business District; and one at the Philippine Stock Exchange Centre (Tektite Towers), Ortigas Center in Pasig. Construction of the Philippine Stock Exchange office tower in Bonifacio Global City is expected to be completed by mid-2016. The PSE is overseen by a 15-member Board of Directors, chaired by José T. Pardo.  - Malaysia is a federal constitutional monarchy located in Southeast Asia. It consists of thirteen states and three federal territories and has a total landmass of separated by the South China Sea into two similarly sized regions, Peninsular Malaysia and East Malaysia (Malaysian Borneo). Peninsular Malaysia shares a land and maritime border with Thailand and maritime borders with Singapore, Vietnam, and Indonesia. East Malaysia shares land and maritime borders with Brunei and Indonesia and a maritime border with the Philippines and Vietnam. The capital city is Kuala Lumpur, while Putrajaya is the seat of the federal government. With a population of over 30 million, Malaysia is the 44th most populous country. The southernmost point of continental Eurasia, Tanjung Piai, is in Malaysia. Located in the tropics, Malaysia is one of 17 megadiverse countries on earth, with large numbers of endemic species.  - The Philippine Sea is a marginal sea east and northeast of the Philippines occupying an estimated surface area of 5 million km² (2 million mi²). of the western part of the North Pacific Ocean. It is bordered by the Philippine archipelago (Luzon, Catanduanes, Samar, Leyte and Mindanao) on the southwest; Halmahera, Morotai, Palau, Yap, and Ulithi (of the Carolines) on the southeast; the Marianas, including Guam, Saipan, and Tinian, on the east; the Bonin and Iwo Jima on the northeast; the Japanese islands of Honshu, Shikoku, and Kysh on the north; the Ryukyu Islands on the northwest; and Taiwan in the west.  - Vietnam, officially the Socialist Republic of Vietnam (SRV), is the easternmost country on the Indochina Peninsula in Southeast Asia. With an estimated 90.5 million inhabitants , it is the world's 14th-most-populous country, and the eighth-most-populous Asian country. Vietnam is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, Thailand across the Gulf of Thailand to the southwest, and the Philippines, Malaysia and Indonesia across the South China Sea to the east and southeast. Its capital city has been Hanoi since the reunification of North and South Vietnam in 1976.  - Robinsons Malls is one of the largest shopping malls and retail operators in the Philippines. It was incorporated on September 9, 1997, by entrepreneur John Gokongwei, Jr. to develop, conduct, operate and maintain the Robinsons commercial shopping centers and all related businesses, such as the lease of commercial spaces within the compound of shopping centers.  - Luzon is the largest and most populous island in the Philippines and the 15th largest in the world. Located in the northern region of the archipelago, it is the economic and political center of the nation, being home to the country's capital city, Manila, as well as Quezon City, the country's most populous. With a population of 52.99 million , it is the fourth most populous island in the world (after Java, Honshu, and Great Britain), containing about 53% of the country's total population.  - Indonesia (or ; Indonesian: ), officially the Republic of Indonesia, is a unitary sovereign state and transcontinental country located mainly in Southeast Asia with some territories in Oceania. Situated between the Indian and Pacific oceans, it is the world's largest island country, with more than seventeen thousand islands. At , Indonesia is the world's 14th-largest country in terms of land area and world's 7th-largest country in terms of combined sea and land area. It has an estimated population of over 260 million people and is the world's fourth most populous country, the most populous Austronesian nation, as well as the most populous Muslim-majority country. The world's most populous island of Java contains more than half of the country's population.  - SM Supermalls, owned by SM Prime Holdings, is a chain of shopping malls in the Philippines that has 58 malls located across the country and 6 in China. SM Supermalls has become one of the biggest mall operators in Southeast Asia. Combined, the company has about 8.5 million square meters of gross floor area (GFA). It has 17,333 tenants in the Philippines and 1,478 tenants in China.  - Asia is Earth's largest and most populous continent, located primarily in the eastern and northern hemispheres and sharing the continental landmass of Eurasia with the continent of Europe. Asia covers an area of , about 30% of Earth's total land area and 8.7% of the Earth's total surface area. The continent, which has long been home to the majority of the human population, was the site of many of the first civilizations. Asia is notable for not only its overall large size and population, but also dense and large settlements as well as vast barely populated regions within the continent of 4.4 billion people.  - Metropolitan Manila, commonly known as Metro Manila or simply Manila, is the capital region of the Philippines, is the seat of government, the 2nd most populous and the most densely populated region of the country. The National Capital Region (NCR) is composed of Manila, the capital city of the country, Quezon City, the country's most populous city, and the cities of Caloocan, Las Piñas, Makati, Malabon, Mandaluyong, Marikina, Muntinlupa, Navotas, Parañaque, Pasay, Pasig, San Juan, Taguig, and Valenzuela, including the only remaining municipality of Pateros.  - Quezon City (  also known as QC) is the most populous city in the Philippines. It is one of the cities that make up Metro Manila, the National Capital Region of the Philippines. Quezon City was named after Manuel L. Quezon, second President of the Philippines, who founded the city and developed it to replace Manila as the national capital for 28 years from 1948 to 1976. Quezon City is not located in and should not be confused with Quezon Province, which was also named after the president. It is the largest city in Metro Manila in terms of land area and most populated local government unit in the country.  - Taiwan, officially the Republic of China (ROC), is a state in East Asia. Neighbors include China (officially the People's Republic of China, abbreviated as PRC) to the west, Japan to the northeast, and the Philippines to the south. Taiwan is the most populous state that is not a member of the United Nations, and the one with the largest economy.  - The Visayas or the Visayan Islands (Visayan: "Kabisay-an",  ), is one of the three principal geographical divisions of the Philippines, along with Luzon and Mindanao. It consists of several islands, primarily surrounding the Visayan Sea, although the Visayas are considered the northeast extremity of the entire Sulu Sea. Its inhabitants are predominantly the Visayan people.  - Ayala Malls is a real - estate subsidiary of Ayala Land , an affiliate of Ayala Corporation . Founded in 1988 , Ayala Malls own a chain of large shopping malls , all located in the Philippines . Ayala Malls is the third largest shopping mall retailers in the Philippines , after SM Supermalls and Robinsons Malls .  - Mindanao is the second largest and southernmost major island in the Philippines. It is also the name of one of the three island groups in the country (the other two being Luzon and the Visayas), consisting of the island of Mindanao and smaller outlying islands. Davao City is the largest city in Mindanao. As of the 2010 census, the island's population itself is 20,281,545 people, while the Mindanao island group has 21,968,174 inhabitants. Davao City is the most populous in Mindanao as 1,632,991 population, and the 2nd is Zamboanga City as 861,799 population, the 3rd is Cagayan de Oro City as 675,950 population, and followed by General Santos City as 594,446 population as of 2015 census.    After reading the paragraphs above, we are interested in knowing the entity with which 'ayala malls' exhibits the relationship of 'headquarters location'. Find the answer from the choices below.  Choices: - asia  - australia  - beijing  - borneo  - central  - chongqing  - general santos  - great britain  - guangzhou  - indonesia  - koror  - las piñas  - macau  - makati  - malaysia  - mandaluyong  - manila  - marikina  - mindanao  - pacific  - parañaque  - philippines  - putrajaya  - quezon city  - saipan  - shenzhen  - taiwan  - thailand  - tianjin  - triangle  - vietnam
The answer is:
makati