Electronics manufacturer Haier has signed a cooperation agreement with Qingdao Dong'Ao Development & Construction Group for investing in the InterContinental Qingdao Hotel, which is scheduled for a soft opening at the end of 2007.

InterContinental Qingdao, a 438-room new- build waterfront hotel, will be part of the 45-hectare integrated Olympic Water Sports Centre at Fushan Bay, which will host the sailing events of the 2008 Olympics.

The complex will feature an international conference centre and cruise terminal, marina and yachting club and extensive shopping, entertainment and recreation facilities.

Founded in 1984, Haier is one of the world's leading white home appliance manufacturers. It is also the official sponsor of the 2008 Beijing Olympic Games for white goods home appliances.

InterContinental Hotels Group will manage the hotel on behalf of Qingdao Dong'Ao Development & Construction Group, developer of the Olympic Water Sports Centre.

InterContinental Qingdao will be the only hotel in the centre and will open in 2008, before the Olympic Games. Complementing the nearby international conference centre, the hotel's state-of-the-art meeting facilities will be able to accommodate up 2,000 guests.