Hangzhou-based real estate developer Greentown China Holdings unveiled its new brand GT PLAZA and launched a "deep blue center" commercial complex project in Qingdao's Shinan district on Aug 9.

With an investment of 12.6 billion yuan ($1.87 billion), the inspiration behind the "deep blue center" project's construction stems from Qingdao city's iconic feature – a sail, and 27 global partners are jointly building the high-end commercial landmark that is expected to integrate five-star hotels, high-end shopping malls, top-class office buildings, and luxury sea-view apartments.

Officials said that the project's launch is a crucial step for the city's three-year plan of urban renewal and construction, and will boost the regional service industry's development.

Since the beginning of this year, Shinan district has been speeding up its urban renewal campaign with a focus on upgrading its west side and optimizing its east side.

Upgrading the west side refers to upgrading the functions, space and vitality of the western part of the district. This year, 58 new brand stores and projects have started operating in the Shangjieli area - the old downtown area of western Shinan, which is located along Zhongshan Road.

The recently concluded Shangjieli Beer Festival attracted nearly 100 million tourists and locals and helped increase surrounding businesses' revenues by about 66 percent.

Optimizing the east side consists of optimizing the environment, infrastructure and industry in the eastern part of the district. In June, construction of the Qingdao foreign-related legal service center started at No 80 Middle Xianggang Road, which is expected to help expand Shinan's advantage in legal services related to maritime affairs and maritime business.