Construction to Resume at World's Tallest Abandoned Skyscraper
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
The construction of a skyscraper left dormant since 2015 in northern China is set to resume early next week, according to Chinese state media.
Goldin Finance 117, a 1,959-foot-tall tower in China's Tianjin region, will continue its construction after spending years unoccupied when the developers went bankrupt a decade ago.
Why It Matters
Nicknamed "China 117," the supertall structure was intended as a landmark for a thriving financial hub. Construction of the skyscraper began in 2008 and was nearly complete when the building's developer, Goldin Financial Holdings, ran into financial distress.
What To Know
By the time work paused in 2015, the building's sleek exterior and diamond-shaped pinnacle were mostly finished, but it remained unoccupied.
Reports from local media also suggest that new investors have stepped in, though details on how exactly the building will be used once finished remain scarce, with CNN reporting that a construction permit that lists a contract value of almost 569 million yuan ($78 million) emerged from local Chinese media.
The name of the building may be subject to change, as Goldin Financial Holdings no longer owns the structure.
The skyscraper, designed by ECADI and P&T Group, originally included plans for a luxury hotel, office space, and a financial center. It's unclear how closely the revived project will stick to those plans as a lot has changed in China since construction first began in 2008.
In 2020, Beijing imposed a ban on new skyscrapers taller than 1,640 feet and subjected existing supertall projects to rigorous reviews in order to clampdown on the drastic rise of large buildings across the country.
Standing at 1,959 feet, the Goldin Finance 117 would not be permitted to be built under China's current laws. However, because construction began in 2008, it can be completed.
Once at its full height, Goldin Finance 117 will be the second tallest building in the country, second only to the Shanghai Tower, which is 2,073 feet tall.
It would also be the fifth-tallest building in the world outright, ranking behind the Burj Khalifa in the United Arab Emirates, but above Seoul's Lotte World Tower, which is 1,821 feet tall. China, meanwhile, is already home to three of the top 10 tallest buildings in the world, and Goldin Finance 117 would become the fourth on the list.
What People Are Saying
Qiao Shitong, a law professor at Duke University School of Law and author of two books on Chinese real estate, told CNN: "(Supertall skyscrapers) are not necessarily the most efficient projects and they are not necessarily making profits, but they are indicators. By having this project revived and completed, the government at least hopes it can increase people's confidence."
What Happens Next?
Construction on the tower is now expected to complete in 2027, CNN reported.
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