Beijing Capital Retailing Group will establish a new shopping mall in the West Coast New District, Qingdao, according to a deal signed between the group and district on April 11.

The mall will also be the Outlets operator's first in Shandong province, according to Qingdao Daily on April 12.

With a total investment expected to reach 1.5 billion yuan ($231.6 million), the new retail area, named Yansha, is planned to have 500 well-known domestic and foreign brands with the aim of becoming an industrial leader in the district's retailing business.

Outlets, with an annual turnover of more than one billion yuan, belongs to the large-scale shareholding listed enterprise, Beijing Capital Retailing Group, and is a large-scale domestic listed enterprise with business scope covering retailing, wholesale, chain store operation and brand agency.