Swedish furniture group Ikea will build a US$1.2 billion, 430,000sqm shopping complex in Shanghai, to be completed by 2022.
The new Ikea China centre will house an Ikea store and an additional 120,000sqm in retail area, hosting more than 300 businesses. It will also include 60,000sqm of office space.
The move represents the largest single investment the firm has made in one location, and is its sixth complex to be announced or built in China. It will be constructed near the Hongqiao airport as the Shanghai Linkong Project.
Ikea has completed three Livat-branded shopping centres in China, and has 26 stores across the country. Two other shopping center projects have been announced within the territory.