Ikea plans to pour in around $60 million to set up a retail outlet in Tianjin, aiming to cash in on the fast development of the coastal municipality.

The home furnishing retailer has inked a primary deal with Tianjin Dongli district, and the construction of its Tianjin outlet may kick off this summer, Ian Duffy, president of IKEA Asia-Pacific, told China Daily on the sidelines of the ongoing China Tianjin Trade Fair and Investment Talk.

The store, spanning 600,000 sq m, will be Ikea's fifth franchised store in China, after Beijing, Shanghai, Guangzhou and Chengdu.