Resumption of work on the world's tallest unoccupied skyscraper, dormant for a decade.
Goldin Finance 117: The Titan Revived
Get ready to witness the resurrection of one of the world's tallest unoccupied skyscrapers – the awe-inspiring Goldin Finance 117, standing proudly in Tianjin, China. After a nearly decade-long halt, construction is set to resume as soon as next week.
The Golden Giant towers at 597 meters (1,959 feet) and boasts a whopping 117 stories. When it first broke ground in 2008, it was destined to become China's tallest skyscraper, thanks to its unique "walking stick" design and impressive "mega columns" for enhanced protection against strong winds and earthquakes. Atop its diamond-shaped atrium, a swimming pool and observation deck promised breathtaking panoramas[1].
But back in 2015, the skyscraper's progress screeched to a halt due to the Chinese stock market crash, casting a shadow over the future of developer Goldin Properties Holdings[3]. Founder Pan Sutong, once among Hong Kong's wealthiest businessmen, has since seen his company go into liquidation.
Now, a new construction permit – valued at approximately $78 million – signals a change in the winds. The old developer's title might have been dropped from the building's name, according to Chinese state media. However, details about the project's purpose remain vague. Neither architects P&T Group nor BGI Engineering Consultants could be reached for comment[1].
Ghostly skyscrapers have become a common sight across China's skylines, symbolizing the country's real estate woes. In 2020, a government crackdown was enacted, restricting new towers taller than 1,640 feet to curb speculative financing[1]. But it seems the Goldin Finance 117 may buck this trend, joining another resuming project, the Chengdu Greenland Tower, in challenging this new norm.
The resurgence of construction in both Tianjin and Chengdu isn't by mere coincidence, says Qiao Shitong, a law professor at Duke University School of Law. According to Qiao, the national government is eager to stabilize the real estate market, encouraging local governments to invigorate the struggling sector. "By having these projects revived and completed, the government at least hopes it can increase people's confidence," Qiao explains[1].
The financial backing for the Goldin Finance 117 project remains undisclosed. However, Qiao believes the state is offering investment and debt restructuring to help seal the deal. The government's support isn't simply about the tower itself but aims to make a statement. Finishing abandoned skyscrapers isn't only about uplifting the city's image; it's about sending a clear message to the market: things are looking up.
Similarly, Fei Chen, a reader in architecture and urban design at the UK's University of Liverpool, discusses the importance of local officials eschewing unfinished eyesores. Although the return of skyscraper projects may not mark a renaissance of the once-popular vanity projects of yore, Chen notes that city-enhancing efforts are at play[2].
Despite the renewed excitement, the project's economic viability remains uncertain. The market's appetite for commercial space isn't exactly booming these days. In the face of sluggish property sales and struggling office occupancy rates, the question lingers: who will buy or rent the commercial spaces in Goldin Finance 117[3]?
While the new permit details aren't explicitly outlining plans for adjacent properties, it mentions the development of "commercial corridors." And with 91 out of the 133 skyscrapers taller than 200 meters built in China last year, it's clear the country continues to dominate global skyscraper construction[2].
Even if the gold giant pales in comparison to the Saudi Arabia's kilometer-high Jeddah Tower and Dubai's Burj Azizi upon completion, it will still represent China's third tallest skyscraper and the world's sixth tallest[2]. The race to the stars has officially resumed.
- The resurrection of the Goldin Finance 117, a 597-meter skyscraper in Tianjin, signals a change in the financial winds, as a new construction permit values at approximately $78 million has been issued.
- Despite the financial backing for the Goldin Finance 117 project remaining undisclosed, law professor Qiao Shitong believes the state is offering investment and debt restructuring to help seal the deal.
- The completion of the Goldin Finance 117 and other similar projects, like the Chengdu Greenland Tower, aims to increase people's confidence in the struggling real-estate sector, according to Qiao.
- Just like the resurgence of the Goldin Finance 117, the development of "commercial corridors" in the new construction permit indicates that China continues to dominate global skyscraper construction, with 91 out of the 133 skyscrapers taller than 200 meters built in the country last year.
- The economic viability of commercial spaces in the Goldin Finance 117 remains uncertain in the face of sluggish property sales and struggling office occupancy rates, leaving the question of who will buy or rent these spaces unanswered.