Reuters exclusively reports IKEA’s malls arm branches out into housing with new center in China

Reuters exclusively reported that IKEA’s shopping malls business, one of the world’s biggest, has kicked off the sales process for some 500 flats at its first-ever mixed-use retail and residential development, in Changsha in southern China. With housing, it is testing yet another income leg, banking on the rapid urbanization in China. Cindy Andersen, managing director at Ingka Centres since February, said in an interview she expected flat buyers to start moving in March 2022, after the adjacent mall opened last month following delays due to the pandemic.