Beijing-based real estate developer SOHO China (410.HK) announced May 17 that it plans to purchase 54,691 square meters of floor area in downtown Beijing's Qianmen development project for RMB 1.8 billion, subject to shareholder approval. SOHO originally planned to develop the entire 134,333 square meter project after buying a 49% stake in Beijing Tianjie, the current developer, but failed to win regulatory approval for the acquisition.