Hai Wentian, deputy general manager for Inter Ikea Centre Group China, has revealed to the local media that the group plans to invest over EUR1.4 billion to build new shopping center projects in China in the next five years, with planned project areas of about 510,000 square meters.

Hai said IICG's current strategy is to cooperate with the government of cities where its projects are located. It plans to establish its projects not only as shopping centers, but also the spur overall development within these areas.

In regards to the development of the Chinese retail market, Hai said the structure of the Chinese retail industry is changing rapidly with the development of the country. In this context, it is important to manage development in first-tier cities; however, the changes in second-tier cities are key factors.

According to public files, IICG was founded in 2011 and it operates shopping centers with Ikea as a unique anchor. With years' of experiences in developing, operating and managing regional shopping centers, IICG has built 30 shopping centers in 14 countries and regions worldwide, attracting 60 million consumers every year.

In China, the group now has four projects in Beijing, Wuxi, Wuhan, and Shanghai, including three shopping center projects and one expansion project. The project in Wuxi will be open in 2013, the one in Beijing will be open in 2014, and the one in Wuhan in 2015. Meanwhile, IICG plans to invest CNY5 billion to set up a large shopping center in Shanghai. The site of the new Shanghai project is expected to be decided in six months.