Latest news with #QiaoShitong
Yahoo
29-04-2025
- Business
- Yahoo
Goldin Finance 117, the World's Tallest Abandoned Skyscraper, Will Resume Construction After a Decade Pause
Photo: CFOTO/In September 2015, Guinness World Records officially named Goldin Finance 117, a 1,959-foot-tall abandoned skyscraper, in Tianjin, China, the world's tallest unoccupied building. At the time, developers deserted the 128-story project before it was completed due to significant financial difficulties. However, according to CNN, the structure may soon not be completely abandoned: The building is expected to resume construction early next week. Here's the story behind the infamous building. Goldin Finance 117 was designed by P&T Group, a firm based in Hong Kong known for its work throughout Asia. The building was intended to be the centerpiece of the Goldin Metropolitan Scheme, a mixed-use development that would cater to the ultrarich, and was planned to include residential, hospitality, and commercial space. Goldin Properties was the developer. Construction first began in 2008, and at the time, the building was expected to finish in 2014 and be the country's tallest. However, progress was halted in 2010 following cascading impacts from the Great Recession. Construction restarted in 2011, and the building was projected to be completed in 2018 or 2019. In 2015, it topped out—that is, the frame was finished—but construction was once again suspended shortly after. For the past decade, it has stood abandoned and unfinished. Serious financial headwinds following China's stock market crash in 2015 forced Goldin Properties to liquidate, resulting in the abandonment of Goldin Finance 117. Later, the unfinished building became a sky-high symbol of the country's broader real estate problems, which stemmed from over-investment in real estate and reckless borrowing from developers. It is one of many unfinished real estate projects throughout China According to CNN, which cites Chinese state media, Goldin Finance 117 is now expected to be completed in 2027. The new financing details were not announced, though some experts believe that the government has invested and offered debt restructuring to help revitalize the building. '[Supertall skyscrapers] are not necessarily the most efficient projects and they are not necessarily making profits, but they are indicators,' Qiao Shitong, an author of two books about Chinese real estate and a law professor at Duke University School of Law, told CNN. 'By having this project revived and completed, the government at least hopes it can increase people's confidence.' It is unclear if Goldin Finance 117 will remain a mixed-used building, as originally planned, or if new investors will change its use. Though it was planned as China's tallest building, it will not hold this record when finished. Instead, it will be the country's third tallest, as Shanghai Tower, standing at 2,073 feet, was completed in 2015 and Ping An International Finance Center (1,966 feet) was finished in 2017. Originally Appeared on Architectural Digest More Great Stories From AD Not a subscriber? Join AD for print and digital access now. Inside Lenny Kravitz's Regal Paris Refuge Hanging Chairs Are the Ideal Spring Seating Tour a Rhode Island Barn Transformed Into a Studio for Two Artists
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.
Yahoo
25-04-2025
- Business
- Yahoo
World's tallest abandoned skyscraper resumes construction
A 117-story skyscraper in the Chinese port city of Tianjin has stood unfinished and empty for nearly a decade—but according to China's state media, construction on Goldin Finance 117 may resume as early as next week. If plans stay on schedule this time, the nearly 1,960-foot-tall supertall structure will open its doors in 2027. Goldin Finance 117 has remained the world's tallest unoccupied building since 2015, when financial fallout from the Chinese stock market crash forced the liquidation of its Hong Kong-based real estate developer. The skyscraper is just one of numerous similar abandoned projects across the country that have since become symbols of China's ongoing real estate problems. In 2020, the country's housing ministry and National Development and Reform Commission released guidelines banning any new buildings over 1,640 ft. As CNN noted on April 24, the legislation is likely aimed at curbing the rampant speculative financing that often backs such projects. This means that, if finished, Goldin Finance 117 could be one of the last of its kind for the country. Groundbreaking on Goldin Finance 117 began in 2008. The tower relies on 'mega columns' to strengthen it against earthquakes and high winds, while its overall aesthetic is intended to draw comparisons to a walking stick. Once completed, the supertall skyscraper will include apartments, a luxury hotel, and businesses—all topped by a diamond-shaped atrium level featuring an observation deck and swimming pool. It's unclear if the project will retain its original name. Its new, $78 million construction permit no longer lists the now-defunct Goldin Properties Holdings, which implies Goldin Finance 117 will officially receive another title at some point. This isn't the only revitalization effort underway for China's abandoned skyscrapers. On April 20, Greenland Group announced construction would soon resume on the 1,535-foot-tall Chengdu Greenland Tower after a nearly two-year pause. Such projects aren't generally seen as particularly profitable, but it's often more about what they represent to investors and the public. 'By having [these projects] revived and completed, the government at least hopes it can increase people's confidence,' Duke University law professor and Chinese real estate expert Qiao Shitong told CNN on Thursday. These delays have had consequences on bragging rights, as well. Since its pause, Goldin Finance 117 was surpassed in height by Shanghai Tower and Ping An Finance Center. If finally completed, the skyscraper will become China's third tallest, as well as the world's sixth tallest structure. Even so, the nation is still home to 91 buildings over 656 feet tall—the most of any country in the world.
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.
CNN
25-04-2025
- Business
- CNN
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. Related article No taller than 500M, no plagiarism: China signals 'new era' for architecture 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.' Related article The skyscrapers where nobody lives 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.
