The construction of the world’s tallest open space skyscraper may be restored next week after nearly 10 years of work next week, according to Chinese state media reports.
The 597-meter-high (1,959 feet) Goldin Finance 117 is the top spot in the northern Chinese port city of Tianjin, but has not been completed since 2015 but is now expected to be completed in 2027 due to major financial difficulties.
Of the 117 stories, the tower will become China’s tallest skyscraper when it broke the ground in 2008. The towering structure was built using “giant columns” to prevent strong winds and earthquakes, while its “crackers” were designed with a diamond-shaped center with a diamond-shaped atrium that contained a swimming pool and observation deck. According to Architects P&T Group, it plans to include offices and five-star hotels on the upper floors.
But the project was in an open crisis due to the collapse of China’s stock market in 2015, which puts the future of Hong Kong-based Goldin Properties Holdings in doubt. Since then, Pan Sutong, the founder of the real estate developer, was once the wealthiest businessman in Hong Kong, and has since begun liquidation.
According to Architects P&T Group, the original plan divided the project into three office areas and a hotel on the upper floor. -Anadolu agent/Getty pictures
According to state media reports, the new building permit reportedly lists nearly 569 million yuan ($78 million) of contract value, suggesting that the building’s title may have been removed from the building’s name. It is unclear whether plans for the use of the “Supertall” skyscraper remain the same. Neither the state-owned company BGI Group nor the BGI engineering consultant, named on the license, responded to CNN’s request for comment.
Over the past decade, abandoned skyscrapers littered China’s skyline has become a symbol of the country’s real estate plight. In 2020, its Ministry of Housing and the National Development and Reform Commission issued guidelines to ban new towers above 500 meters (1,640 feet) in height – a move that appears to be part of a speculative financing targeting the foundation of the skyscraper project.
On Monday, China’s Greenland Group announced that work is also being resumed in the Chengdu Greenland Building in the southwestern city of Chengdu. According to Reuters, 468-meter-high skyscrapers (1,535 feet) have been built since 2023 after state-owned developers have encountered financial difficulties.
Qiao Shitong, a law professor at Duke University’s Law School and author of two books on Chinese real estate books, said two high-profile projects have resumed two high-profile projects at the same time.
Qiao said in the video call: “The National Government has made it clear that it wants to stabilize the real estate market.” He added that it has been encouraging local governments to help “revitalize” struggling departments. “This sends a signal to the market – (not only) about the skyscrapers themselves.”
The tower broke ground in 2008 and topped the tower in 2015, but has not been completed in nearly a decade. – Costfoto/Nurphoto/shutterstock
Although new financing for Tianjin Tower has not been disclosed, Qiao believes the state provides investment and debt restructuring to help launch the project.
“[Skyscrapers]are not necessarily the most effective projects, they are not necessarily profits, but indicators,” he said. “By getting the project back and finishing, the government at least hopes it will increase people’s confidence.”
For local officials, completing the abandoned skyscraper is also about the “image of the city”, said Fei Chen, a reader at the University of Liverpool Architecture and Urban Design. “They don’t want an unfinished project and a project like this, which is dazzling for everyone.”
However, Chen stressed that the recovery of projects in Tianjin and Chengdu is unlikely to herald the “vanity project” in recent years.
“The government realizes that while these (skyscrapers) projects have a positive impact on the region, they require too much investment and are economically or environmentally unsustainable … I think the fact that resuming certain projects does not change the general urban trend. I think it’s more about local government efforts to improve cities.”
The skyscrapers are viewed from the street level of Xiqing District, Tianjin. – Costfoto/Nurphoto/shutterstock
Despite economic concerns and tightening regulations, China still dominates the construction of skyscrapers around the world. According to the Tall Buildings and Urban Habitat Commission, 91 of the 133 skyscrapers 200 meters or higher worldwide last year were in China.
Chen said skyscrapers, while expensive to build, are often used by developers as “magnets” for investment in the surrounding areas. Goldin Finance 117, for example, is part of a wider development that includes villas, commercial buildings and offices as well as conference centers, entertainment centers and polo clubs. The fate of these projects is not clearly outlined in the new building permit, although it is reportedly described the development of several “commercial corridors”.
However, the economic viability of the project remains problematic due to real estate sales in China and struggling office occupancy rates. “It’s a huge investment and I really don’t know who will buy or rent this commercial space,” he added.
During a decade-long interruption, Tianjin welcomes another super skyscraper – Tianjin CTF Financial Center, which is 530 meters (1,739 feet), and is currently the eighth-talented building in the world. Meanwhile, the Goldin Finance 117 is above the Shanghai Tower and Shenzhen Ping Finance Center, which means it will now be the third highest (and the sixth highest in the world) in the country after completion.
If Saudi Arabia’s tall Jeddah building (after a year’s interruption, Dubai’s Burj Azizi were all completed later this decade), this would drop to eighth in the world.
CNN’s Fred He and Hassan Tayir contributed to the report.
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