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On 22 May, 2016 Sinobo Group, CITIC Group Corporation and Beijing Tourism Group held a signing ceremony to set up a joint venture and co-develop the Guanghuali Project.
The Guanghuali Project is located in Beijing's CBD, covering an area of about 20 hectares. Most of the buildings in the area were constructed in the 1950s and 1960s. Many of these old buildings now present serious safety hazards and were listed as dilapidated as early as 1996.
The Project will synergize the capabilities and resources of the three groups to focus on high-end international positioning, with the aim of creating a model project for Beijing.
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