"Ghost" skyscraper revived after 10 years

After a nearly 10-year hiatus, construction on the world's tallest uninhabited skyscraper, Goldin Finance 117, in the port city of Tianjin, is set to resume, A2 CNN reports. According to Chinese state media, work on the 597-meter-tall tower will resume this week and is expected to be completed in 2027.

Goldin Finance 117, which began construction in 2008, was planned to become the tallest building in China. At 117 stories, the tower has a unique “cane”-shaped structure, built with giant columns to withstand winds and earthquakes. At the top is a diamond-shaped atrium containing a swimming pool and an observation deck. The building was conceived to include offices and a five-star luxury hotel, according to architects P&T Group.

However, construction was halted in 2015 after the Chinese stock market crash, which caused the financial collapse of developer Goldin Properties Holdings, run by Pan Sutong, once one of Hong Kong's richest businessmen. The company is now in liquidation.

A new building permit, with a contract value of about 569 million yuan (about $78 million), indicates that the original developer's name may have been removed from the building. It is not yet clear whether the tower's original purpose will remain unchanged. Neither P&T Group nor state-owned company BGI Engineering Consultants, which is listed on the permit, have commented on the project.

In the past decade, many unfinished buildings have become a symbol of China's real estate market crisis. In 2020, authorities imposed a ban on the construction of towers over 500 meters, to curb the financial speculation that often underpins such giant projects.

Also this week, state-owned Greenland Group announced the resumption of work on another tall skyscraper in Chengdu, 468 meters high, which had been suspended in 2023 due to financial difficulties.

According to Professor Qiao Shitong from Duke University in the US, the resumption of these two projects is not a coincidence, but part of the government's efforts to stabilize the real estate market and increase public confidence. He adds that, although skyscrapers are not always profitable projects, they serve as symbols of urban power and development.

Expert Fei Chen from the University of Liverpool says that for local authorities, the completion of abandoned buildings is also related to the image of the city, but also emphasizes that this does not mean a return to excessive projects that are not financially sustainable or have an impact on the environment.

According to data from the Council on Tall Buildings and Urban Habitat, China continues to lead the world in skyscraper construction. Of the 133 skyscrapers over 200 meters completed in the world last year, 91 were in China.

However, with property sales falling and office occupancy rates low, the economic viability of Goldin Finance 117 remains uncertain. When completed, the tower will be the third tallest in China and the sixth tallest in the world, or eighth if Jeddah Tower in Saudi Arabia and Burj Azizi in Dubai are built. (A2 Televizion)