Ikea acquires land in Hefei

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Global home furnishing giant Ikea has purchased a plot of land in Hefei, capital of East China’s Anhui province, paving the way for its first store in the province, according to local authorities.

Ikea spent 196.5 million yuan ($28.2 million) on the land, which covers an area of about 2.5 hectares in the northern part of the city.

Ikea has registered a branch company in Hefei with an investment of 275 million yuan, according to China’s National Enterprise Credit Information Publicity System.

The multinational opened its first Chinese mainland store in Shanghai in 1998.

Source: https://global.chinadaily.com.cn/a/202001/02/WS5e0d87dca310cf3e3558213c.html

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