Swedish home supplies retailer Ikea has purchased a 300,000-square-meter area in the business district of Daxing, Beijing, via auction and the company plans to build a comprehensive shopping center there.

The new shopping center will reportedly be Ikea's largest flagship store in Asia, and it will also be the second Ikea store in Beijing.

Ikea invested CNY795.61 million in gaining the usage rights of this piece of state-owned land, which is a part of the second-phase project of the comprehensive business district in Daxing, Beijing. This piece of land covers an area of 194,100 square meters and its planned building area is 304,200 square meters.

According to Ian Duffy, Ikea's president for Asia Pacific, Ikea will implement a comprehensive development of the land and establish it into a large shopping center, which will include Ikea's largest flagship store in Asia and more than 400 other vendors. Duffy revealed that the new shopping center will focus on introducing popular brands while further reducing the prices of Ikea products. In addition, the shopping center will coordinate with the subway network around it to create a direct entrance from the subway to the store.