Latest news with #China117
New York Post
01-05-2025
- Business
- New York Post
The world's tallest unoccupied building to resume construction — after a decade-long shutdown
China's 'walking stick' skyscraper now has some new legs. Construction on the Goldin Finance 117 tower in Tianjin is set to resume after 10 years, CNN Style reported. Progress on the 1,959-foot-tall tower — making it the tallest unoccupied building in the world — stalled after the Chinese stock market crash of 2015. Now, a new construction permit means that this 'ghost tower' can progress towards a projected completion date of 2027. 6 The tower rises 1,959 feet above Tianjin. NurPhoto via Getty Images 6 China 117 topped out in 2015 before progress ground to a 10-year halt. NurPhoto via Getty Images 6 The completion of the tower may be a part of a broader push by China to stabilize its fraught real estate market. CFOTO/Future Publishing via Getty Images Chinese state media announced last week that construction of the 117-story tower, aptly nicknamed 'China 117,' could resume, CNN Style reported. Daring urban explorers have flocked to the imposing structure over the past decade, chronicling their death-defying climbs in viral videos, including Russian couple Angela Nikolau and Ivan Kuznetsov in 2016. The skyscraper, which broke ground in 2008, was constructed with a system of 'mega columns' to brace it against strong winds and earthquakes. The impressively lean tower was designed to host three office zones and a five-star hotel on the upper floors, according to architects P&T Group. A diamond-shaped atrium containing a pool and an observation deck will top the building. 6 Four 'mega columns' run up the 117-story tower. NurPhoto via Getty Images 6 The tower was designed to host three office zones and a five-star hotel on the upper floors, according to the architect. NurPhoto via Getty Images Goldin Properties Holdings, the Hong Kong-based real estate developer behind the site, has since gone into liquidation, CNN reported. The edifice was originally destined to be the centerpiece of a larger, mixed-use development catering to the upper echelons of the northern port city. CNN Style reported that the wider development scheme for attractions like a convention center and a polo club remains uncertain, but the new permit reportedly nods to 'commercial corridors.' 6 The skyscraper stands much taller than its neighbors. CFOTO/Future Publishing via Getty Images The resumption of construction on both the Goldin Finance 117 Tower and the Chengdu Greenland Tower — a 1,535-foot skyscraper that has been on hold since 2023 — coincides with frequent headlines about China's abandoned skylines and ghost cites. 'The national government has made it clear it wants to stabilize the real estate market,' said Qiao Shitong, a law professor at Duke University School of Law and expert on Chinese real estate, told CNN Style.
Newsweek
25-04-2025
- Business
- Newsweek
Construction to Resume at World's Tallest Abandoned Skyscraper
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. 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.
