Sweden’s IKEA Group secured the use of the government’s Fuma Road commercial plot (numbered 2017-43) through a bidding process on December 20, 2017. IKEA will pay CNY￥376.4 million (US$57.03 million) for a plot of 63.35 Chinese mu (455,000 square feet) formerly occupied by Fuzhou Hongfu Textile Printing and Dyeing Company. According to the representative from IKEA Group (China), the construction of an IKEA megamall will break ground in December 2018 and be scheduled to complete by the end of 2019. It is expected that the new megamall will likely open business in early 2020. IKEA entered Chinese market in 2009 and it now has 23 stores in China.
Until the deal was settled, there had been speculations as to which city, between Xiamen and Fuzhou, IKEA will plan its premier in Fujian. In 2016, a document issued Xiamen government mentioned a plan of introducing of IKEA and a few other international brands in its Haicang District, which caused excitement across the local social media.