China’s tallest abandoned skyscraper to resume construction after 10 years.

Key Points:

1. Goldin Finance 117 Tower Resumes Construction: The world’s tallest unoccupied skyscraper, Goldin Finance 117 in Tianjin, China, may restart construction as early as next week after being abandoned for nearly 10 years.

2. Project Background: Standing at 597 meters (1,959 feet), this 117-story tower was initially halted in 2015 due to the collapse of the Chinese stock market. It was designed for office space and a luxury hotel but remained unfinished for nearly a decade, symbolizing the struggles of China’s real estate sector.

3. Revival Amid Real Estate Challenges: The resumption of construction comes as part of broader government efforts to revive unfinished real estate projects in China, which include numerous abandoned skyscrapers that reflect the country’s troubled property market.

4. New Construction Permit and Funding: A new construction permit worth nearly 569 million yuan ($78 million) has been issued, with state-owned BGI Engineering Consultants listed as the contractor. The original developer has been removed from official references.

5. Government’s Role: Experts believe the revival is a state-led initiative, likely involving debt restructuring and investment from the government to signal stability and bolster public confidence in the real estate sector.

6. Local Urban Image: An unfinished skyscraper is seen as a blight on urban aesthetics, and local governments are pushing for projects like this to be completed to improve the city’s image.

7. Economic Uncertainty: Despite the government’s efforts, experts question the economic feasibility of completing the project, considering the slow property sales and weak office space demand in China’s current market.

8. Global Context: China remains the leader in skyscraper construction, having completed 91 of the 133 skyscrapers over 200 meters built worldwide in 2023. However, the success of such projects is often driven by their ability to stimulate surrounding development.

9. Future of Associated Projects: While Goldin Finance 117 is being revived, it’s unclear whether the other components of its original master plan, including villas, offices, and commercial spaces, will also be developed.

The revival of the Goldin Finance 117 tower marks an effort by China’s government to stabilize its real estate sector and improve urban aesthetics, despite challenges like weak market conditions and tighter regulations. However, the financial and environmental sustainability of such massive projects remains uncertain, and these efforts should be seen as targeted solutions for local government challenges rather than a national trend toward large-scale vanity projects. While China’s skyscraper industry continues to lead globally, the focus on these high-profile structures may not necessarily guarantee profitability or long-term success.