On 29 April 2009, Shanghai Shimao Co.; Ltd (SH.600823) and Qingdao Shi’ao Real Estate Development Co.; Ltd, wholly-owned subsidiary of Qingdao City Investment Group, jointly acquired a commercial king site in Qingdao, Shandong province with a consideration of RMB920 million. The site is located at West Donghai Road with an aggregated planned GFA of approximately 240, 000 sq.m.

The site is planned to be built into an integrated project comprising commercial, offices, SOHO and hotels at the core of two 300 meters ultra-high-rise towers. One of the main towers composed by SOHO and offices will likely become the tallest building in Shandong Province.