Shanghai is the setting of killer7's epilogue, which takes place 100 years after the events of Target06: Lion and during the second credits roll, right before the name of SUDA51.
The gameplay section here lasts only a few seconds, requiring the player, as Harman Smith, to shoot Kun Lan's God Hand with the former's high-powered rifle, which will merely result in Kun Lan catching the bullet and being carried several hundred meters, performing the exact same animation as the end of Target00: Angel. Harman asks "Are you awake from your nightmare?", and Kun Lan then utters the final words of the game, "Harman, the world won't change - all it does is turn. Now... let's dance".
The tower Kun Lan lands on is likely the real-life Oriental Pearl Tower. Although it lacks the titular 'pearls' of the real tower, they share the same color scheme and general shape. The Oriental Pearl Tower has several similarities with the Space Needle that Kun Lan landed on in Angel, such as a revolving restaurant, observation decks and an elevator running up the middle. The main difference between the two is that the Oriental Pearl Tower is also a TV tower, while the Space Needle is not.