World's tallest abandoned skyscraper resumes construction
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.
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