Goldin Finance 117, the World's Tallest Abandoned Skyscraper, Will Resume Construction After a Decade Pause
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
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