SWEDISH home furnishing giant IKEA said consumer interest is rising across its shopping centres in China, prompting it to unveil its biggest ever investment in the country, reports London's Financial Times.
Ingka Centres, the real estate division of Ikea's parent company Ingka Group, spent CNY8 billion (US$1 billion) on Livat Shanghai, a retail and commercial centre that took five years to complete and opened recently.
The launch comes during a difficult period for the world's second-largest economy, where authorities this week launched a wave of stimulus measures to counteract a property slowdown and broader lack of consumer confidence.
'For us there is no doubt about the confidence in the China market, and I believe we have the proof points to show that,' said Cindy Andersen, managing director at Ingka Centres, in an interview. The company said footfall across its 10 China sites was up 33 per cent year on year in the 12 months to the end of August, and up 20 per cent on a like-for-like basis.
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Ingka Centres, the real estate division of Ikea's parent company Ingka Group, spent CNY8 billion (US$1 billion) on Livat Shanghai, a retail and commercial centre that took five years to complete and opened recently.
The launch comes during a difficult period for the world's second-largest economy, where authorities this week launched a wave of stimulus measures to counteract a property slowdown and broader lack of consumer confidence.
'For us there is no doubt about the confidence in the China market, and I believe we have the proof points to show that,' said Cindy Andersen, managing director at Ingka Centres, in an interview. The company said footfall across its 10 China sites was up 33 per cent year on year in the 12 months to the end of August, and up 20 per cent on a like-for-like basis.
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