Ikea readies new China plan

Inter Ikea Center Group, one of Europe's leading shopping center developers, is working on an investment plan for its next round of expansion in China.

The plan, estimated to cost no less than what IICG has spent on its first five-year project in China from 2009 to 2013, is expected to be released in six to eight months, said the company's Managing Director John Tegner.

The company has injected 10 billion yuan ($1.6 billion) in the past five years into three shopping centers in Beijing, Wuxi in Jiangsu province, and Wuhan in Hubei province.

It will launch a shopping center project in Shanghai, which will cost 4 billion yuan.