On 10 November 2009, Shanghai Shimao Co., Ltd (600823.SH) successfully acquired two state-owned construction sites (namely 杭政储出[2009]68、69号) at a consideration of RMB 600 million.

Located at Hangzhou Economic and Technological Development Zone-one of the three sub-centers in Hangzhou, that is known as "one center, three sub-centers", the two sites are north to Avenue 14, east to Avenue 25, west to Avenue 23 and near Hangzhou Shimao Riviera Garden which is the first large-scale riverside residential community of Shimao Property in Hangzhou. The district is very close to the riverside site of Qiantang River in Xiasha which boasts charming landscape and plenty of popularity. It is also near Xiasha Riviera Station, Metro Line 1 which is under construction, and is about 20 minutes’ drive from Qianjiang New City, the future CBD centre of Hangzhou.

According to preliminary planning, the project occupies an area of approximately 63,000 sq.m. with an aggregated planned GFA of approximately 250,000 sq.m. It is designated to be developed into a commercial project that integrates shopping mall, large supermarket, retail shops and SOHO. Based on the successive opening of surrounding commercial construction such as Wu-Mart Supermarket and Pacific Department Store, it will further promote the standard of commercial facilities in the whole district, providing convenient, quick, and high quality commercial service for residents from a lot of new high-end residential communities including Hangzhou Shimao Riviera Garden.