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Express Tribune
25-04-2025
- Business
- Express Tribune
World's tallest abandoned skyscraper set to resume construction after 10 years
Listen to article Construction on the world's tallest unoccupied skyscraper, the Goldin Finance 117 tower in Tianjin, could restart as early as next week, nearly 10 years after the project was abandoned, Chinese state media reported. The 597-metre (1,959-foot) Goldin Finance 117-storey skyscraper has remained unfinished since 2015 following the collapse of Chinese stock market. The project's return comes amid broader efforts to revive unfinished developments across China, where dozens of towering but abandoned buildings symbolise the nation's troubled real estate market. Originally intended to house office space and a luxury hotel, the building features 'mega columns' for structural safety and a distinctive diamond-topped atrium that was designed to include a swimming pool and observation deck. Plans for the tower's usage remain unclear, but state media report that a new construction permit has been issued with a contract value of nearly 569 million yuan ($78 million). The permit lists state-owned BGI Engineering Consultants as a contractor, while references to the original developer appear to have been dropped. In 2020, China banned new buildings over 500 metres, in an attempt to rein in risky, debt-fuelled projects and speculative development. If completed, the Tianjin tower would defy that restriction due to its early construction date. Neither P&T Group, the tower's original architects, nor BGI responded to requests for comment. On Monday, local state media reported that China's Greenland Group will resume construction on the long-delayed Chengdu Greenland Tower, a 468-metre (1,535-foot) skyscraper in the southwestern city of Chengdu. The project had been suspended since 2023 due to financial troubles faced by the state-owned developer. The simultaneous revival of two major high-rise projects suggests a coordinated effort, said Qiao Shitong, a law professor at Duke University and author of two books on China's property sector. 'The central government has made it clear that stabilising the real estate market is a priority,' Qiao said via video call, noting that local authorities are being pushed to support the sector's recovery. 'This is about more than the buildings — it's a message to the market.' Although financing details for the Tianjin skyscraper remain undisclosed, law professor Qiao Shitong believes state-led investment and debt restructuring are likely behind the project's revival. 'Supertall towers may not be the most efficient or profitable developments, but they serve as signals,' said Qiao. 'Bringing this project to completion is a move by the government to boost public confidence.' Urban image is also a driving force, said Fei Chen, an architecture and urban design expert at the University of Liverpool. 'An unfinished skyscraper is a visual blight — cities don't want these half-built eyesores,' she said. However, Chen cautioned that the renewed construction efforts in Tianjin and Chengdu do not mark a return to the era of so-called vanity projects. 'Despite some local benefits, these towers demand heavy investment and are neither financially nor environmentally sustainable,' she added. 'What we're seeing is not a national trend shift, but rather targeted efforts by local governments to improve their cities.' Despite economic headwinds and tighter regulations, China remains the global leader in skyscraper construction. Of the 133 skyscrapers over 200 metres completed worldwide in 2023, 91 were built in China, according to the Council on Tall Buildings and Urban Habitat. Architect Fei Chen said that while skyscrapers are costly, they are often deployed as 'investment magnets' to stimulate surrounding development. Goldin Finance 117 was originally part of a broader masterplan that included villas, commercial spaces, offices, a convention centre, an entertainment hub, and even a polo club. The new construction permit does not detail the future of these associated projects, though it reportedly mentions plans for multiple 'commercial corridors.' Despite the ongoing development, the economic feasibility of the Tianjin tower remains uncertain amid sluggish property sales and weak office occupancy rates across China, said Qiao. 'It's a massive investment,' he remarked, adding, 'I honestly don't know who will buy or lease the commercial space.' During the tower's decade-long delay, Tianjin saw the completion of another supertall structure — the Tianjin CTF Finance Centre, standing at 530 metres (1,739 feet), making it the world's eighth tallest building. Goldin Finance 117, meanwhile, has been overtaken in height by the Shanghai Tower and the Ping An Finance Centre in Shenzhen. As a result, the Tianjin tower would now rank as China's third tallest and the world's sixth tallest once finished.
Yahoo
25-04-2025
- Business
- Yahoo
Construction of world's tallest abandoned skyscraper to resume after a decade
Construction of the world's tallest unoccupied skyscraper may resume as early as next week, almost 10 years after work ground to a halt, according to Chinese state media. The 597-meter-tall (1,959-foot) Goldin Finance 117, which topped out in the northern Chinese port city of Tianjin but has stood unfinished since 2015 amid major financial difficulties, is now expected to complete in 2027. At 117 stories high, the tower was set to be China's tallest skyscraper when it broke ground in 2008. The soaring structure was built using 'mega columns' to protect against strong winds and earthquakes, while its 'walking stick' design was topped by a diamond-shaped atrium containing a swimming pool and observation deck. It was set to contain offices and a five-star hotel on the upper floors, according to architects P&T Group. But the project came to a standstill following the 2015 Chinese stock market crash that plunged the future of Hong Kong-based Goldin Properties Holdings into doubt. The real estate developer, whose founder Pan Sutong was once among Hong Kong's richest businessmen, has since gone into liquidation. A new construction permit — which reportedly lists a contract value of almost 569 million yuan ($78 million) — suggests the defunct developer's title may have been dropped from the building's name, according to state media. It is unclear whether plans for the 'supertall' skyscraper's use remain unchanged. Neither P&T Group nor BGI Engineering Consultants, the state-owned company named on the permit, responded to CNN's requests for comment. Over the last decade, the abandoned skyscrapers littering China's skylines have become emblematic of the country's real estate woes. In 2020, its housing ministry and National Development and Reform Commission issued guidelines banning new towers over 500 meters (1,640 feet) in height — a move seemingly aimed, in part, at reining in the speculative financing often underpinning skyscraper projects. On Monday, China's Greenland Group announced that work is also resuming on the previously stalled Chengdu Greenland Tower in the southwestern city of Chengdu, local state-owned media reported. Construction of the 468-meter-tall (1,535-foot) skyscraper has been on hold since 2023, after the state-owned developer encountered financial difficulties, according to Reuters. The fact that two high-profile projects are resuming at the same time is unlikely to be a coincidence, said Qiao Shitong, a law professor at Duke University School of Law and the author of two books on Chinese real estate. 'The national government has made it clear it wants to stabilize the real estate market,' said Qiao over a video call, adding that it has been encouraging local governments to help 'revive' the struggling sector. 'It is signaling to the market — (it's) not only about the skyscrapers themselves.' Although the Tianjin tower's new financing is yet to be disclosed, Qiao believes the state has offered investment and debt restructuring to help kickstart the project. '(Supertall skyscrapers) are not necessarily the most efficient projects and they are not necessarily making profits, but they are indicators,' he said. 'By having this project revived and completed, the government at least hopes it can increase people's confidence.' For local officials, completing abandoned skyscrapers is also about 'the image of the city,' said Fei Chen, a reader in architecture and urban design at the UK's University of Liverpool. 'They don't want a project to be unfinished and to stay like that, which is an eyesore for everyone.' Chen stressed, however, that the resumption of projects in Tianjin and Chengdu is unlikely to herald a return to the 'vanity projects' of recent years. 'The government is conscious that although these (skyscraper) projects have some positive effects on the area, they require too much investment and are not financially or environmentally sustainable… I think the general urban development trend is not changed by the fact that some projects are being resumed. I think it's more about local government efforts to make their city better.' Despite economic concerns and tightening regulations, China continues to dominate global skyscraper construction. Of the 133 skyscrapers measuring 200 meters or above completed around the world last year, 91 were in China, according to data from the Council on Tall Buildings and Urban Habitat. Chen said that skyscrapers, although expensive to build, are often used by developers as 'magnets' for investment in the surrounding area. Goldin Finance 117, for instance, was part of a wider development containing villas, commercial buildings and offices, as well as a convention center, entertainment center and polo club. The fate of these projects is not explicitly outlined in the new construction permit, though it reportedly describes the development of several 'commercial corridors.' But with sluggish property sales and struggling office occupancy rates across China, the project's economic viability remains in question, said Qiao. 'It's a huge investment,' he added 'And I seriously don't know who is going to buy or rent this commercial space.' During the decade-long hiatus, Tianjin welcomed another supertall skyscraper — the Tianjin CTF Finance Centre, which at 530 meters (1,739 feet) is currently the world's eighth tallest completed building. Goldin Finance 117 has meanwhile been surpassed in height by both the twisting Shanghai Tower and the Ping An Finance Centre in Shenzhen, meaning it would now only become the country's third tallest (and the world's sixth tallest) skyscraper upon completion. It will fall to eighth globally if Saudi Arabia's kilometer-high Jeddah Tower — on which construction also recently resumed, following a years-long hiatus — and Dubai's Burj Azizi are both completed later this decade. CNN's Fred He and Hassan Tayir contributed to this report.
Bloomberg
17-04-2025
- Business
- Bloomberg
Here's what Hong Kong needs to do to attract family offices
Family offices say they are drawn to Hong Kong for its access to China investments and lifestyle perks, though they see a need for better vetting within the industry. Joe Qiao, chief investment officer at Taiwan-based single-family office Globaltec Capital, says he hasn't encountered another agency that matches the intensity of InvestHK, the government arm tasked with attracting capital to Hong Kong. 'It's crazy. I went to events in Shanghai, in Beijing — they're everywhere,' Qiao said. Still, controversy over an announced family office launch last year sparked questions about due diligence — just as Hong Kong pushes to position itself not only as a bridge to mainland capital, but as a true global gateway for the ultrawealthy. President Donald Trump's tariffs that have upended global markets are also presenting fresh challenges to Hong Kong's wealthiest families. 'At the moment, while the verbal rhetoric is shrouding reality, we are taking a cautionary view,' said Mahesh Harilela, family council investment strategist at hotel developer Harilela Group, which owns and operates hotels globally. Here's what family offices say about Hong Kong's wealth push so far. Carman Chan, founder and principal at Click Ventures, a Hong Kong and Singapore-based single-family office: Many global families see China as a critical market, but they worry about how to enter and, crucially, exit investments smoothly. If Hong Kong becomes the only jurisdiction where global families can confidently access, grow, and exit China investments, it will be irreplaceable — neither Singapore nor Dubai can match this advantage. Beyond financial policies, Hong Kong offers exceptional lifestyle advantages that may be appealing to global families. The city's international schools stand out by providing four different levels of Chinese language programs, including native-level fluency — far surpassing the basic Chinese offerings at most international schools in Singapore or Dubai. Global trade wars are reshaping venture capital strategy globally and creating both challenges and opportunities. On the liquidity front, slower merger and acquisition and IPO activity may delay exits, making fundraising more difficult for VCs. This environment also opens doors for alternative solutions like secondary funds and continuation vehicles. Family offices in Hong Kong are more collaborative and communicate with each other far more than in the US. And we're trying to do more of it here in Hong Kong — get more family offices together to share ideas and learn from each other. That improves the economies of scale so that we can also be a more attractive destination for general partners from all over the world. I don't think its even about specific additional supportive policies. Hong Kong stands out on its own in terms of the unique positioning within the global investment landscape. (Zhu spoke at the Bloomberg Family Office Summit in Hong Kong on March 27.) Joe Qiao, chief investment officer at Globaltec Capital, a single-family office based in Taiwan: A lot of family offices are becoming more institutional and professional. Five years ago, people were mostly talking about direct investment deals, but these days its sophisticated transactions. People are discussing secondary transactions, asset package buying credit — all new things and all very sophisticated investments approaches. (Qiao spoke at the Bloomberg Family Office Summit in Hong Kong on March 27.) Multi-family offices are complex and demand sophisticated professional services. Managing diverse investments and cross border tax jurisdictions requires expertise from skilled professionals from around the world. Tax incentives alone are not enough: Hong Kong must also attract high-value employment. This will generate government revenue through stamp duties and salaries taxes — and in turn it will support other service industries. Kevin Qin, vice-chairman of the Asian Family Legacy Foundation, a family office community: The past week of tariff turmoil has likely heightened uncertainty for businesses and investors, directly influencing the global asset allocation strategies of family offices. While tariffs may cause short-term disruptions for Hong Kong, the city's historical resilience and adaptability offer a sense of optimism.
