Construction of the highest abandoned skyscraper in the world will be resumed

Construction of the highest abandoned skyscraper in the world will be resumed

The construction of the highest uninhabited skyscrapers in the world could possibly be resumed next week, Almost 10 years after the construction work came to a standstill, Chinese state media report.

The 597 meter high Goldin Finance 117, which announced its plans in the northern Chinese port city of Tianjin, has been incomplete since 2015 after the project stalled due to considerable financial difficulties. Now it is expected that the construction will be completed by 2027.

an impressive building with large ambitions

With its 117 floors, the tower was to be the highest building in China when construction started in 2008. The impressive structure was built with "mega pillars" to protect it against strong winds and earthquakes. Your "floor" design is crowned by a diamond-shaped atrium, which contains a swimming pool and a viewing platform. In addition, the skyscraper offices and a five-star hotel on the upper floors should house, according to the Architects P & T Group .

financial hurdles and market effects

However, the project came to a standstill after the Chinese stock exchange crash from 2015 Properties Holdings. The real estate developer, whose founder Pan Sutong was once one of the richest business people in Hong Kong, is now in the liquidation process.

A new building application - according to reports a contract value of almost 569 million yuan (approx. 78 million USD) - indicates that the title of the insolvent developer may have been deleted from the name of the building. It is unclear whether the plans for the use of the "superstall" skyscraper remain unchanged. Neither P&T Group nor BGI Engineering Consultants, the state -owned company that is named on the application, responded to inquiries from CNN.

revival of the construction projects in China

In the past ten years, the abandoned skyscrapers that adorn China's skylines have become a symbol of the country's real estate problem. In 2020 the Ministry of Housing and the National Development and Reform Commission guidelines Provide the construction of new towers over 500 meters (1.640 feet) height. This step seems to be partially dismantled by the speculative financing model, which is often based on the skyscraper projects.

On Monday, China's Greenland Group announced that the previously stopped construction work on the Chengdu Greenland Tower in the Southwest Chinese city of Chengdu will be resumed. The construction of the 468 meter high skyscraper has been on hold since 2023 after the state developer had encountered financial difficulties, Such a report by reuters .

state measures to stabilize the market

The fact that two top -class projects are resumed at the same time is probably no coincidence, says Qiao Shitong, professor of law at Duke University School of Law and author of several books on the Chinese real estate market. "The national authorities have made it clear that they wanted to stabilize the real estate market," said Qiao during a video call and added that the government encouraged the local authorities to "revive" the stricken sector. "It is a signal to the market - it's not just about the skyscrapers themselves."

Although the new financing details for the Tianjiner Turm have not yet been announced, Qiao believes that the state has offered investments and debtor resistration to advance the project. "(Supertall skyscrapers) are not necessarily the most efficient projects and they are not necessarily profitable, but they are indicators," he continued. "By reviving and completing this project, the government at least hopes to strengthen the trust of people."

the urban perception and future projects

For the local officials, the conclusion of the abandoned skyscrapers is also a question of the “city timing”, explained Fei Chen, professor of architecture and urban design at the University of Liverpool in the United Kingdom. "You don't want a project to remain incomplete and is visible as an eyesore for everyone." However, Chen emphasizes that the resumption of the projects in Tianjin and Chengdu does not necessarily signal a return to the "vanity projects" of recent years.

"The government is aware that these (cloud-related) projects have some positive effects on the environment, but nobody calculates that there are too high investments and that they are financially or ecologically sustainable ... I think the general trend in urban development does not change due to the fact that some projects are resumed. Rather, it is about the efforts of the local authorities to improve their city."

global effects on the skyscraper building

Despite economic concerns and tighter regulations, China remains the leading location for skyscraper construction worldwide. Of the 133 skyscrapers with a height of over 200 meters that were completed last year, there are 91 in China, so Data des Council on Tall Buildings and Urban Habitat.

chen explained that skyscrapers, although they are expensive, are often used by developers as “magnets” for investments in the area. Goldin Finance 117 should be part of a greater development, for example, the villas, commercial buildings and offices as well as a congress center, an entertainment center and a polo club. The fate of these projects is not explicitly outlined in the new building application, although according to reports he describes the development of several "commercial corridors".

economic concerns and future uncertainties

In view of the sluggish real estate sales and falling office work rates across China, the economic load capacity of the project remains questionable, said Qiao. "It's a huge investment," he added, "and I seriously don't know who will buy or rent this commercial space."

In the ten-year break, Tianjin welcomed another super club scratch-the Tianjin CTF Finance Center, which is currently the eightest completed building in the world at 530 meters (1,739 feet). Goldin Finance 117 has now been exceeded in the height of the winding Shanghai Tower and the ping to Finance Center in Shenzhen, so that when it was completed it would only be the third highest building in China (and the sixth highest).

It would fall back to eighth place globally, the kilometer-high Jeddah Tower in Saudi Arabia-on which The construction was resumed -and dubais Burj azizi later completed this decade.

CNNS Fred He and Hassan Tayir contributed to this message.