Work to Resume on Goldin Finance 117 Tower in Tianjin
Construction of the Goldin Finance 117 Tower in Tianjin, China, is set to resume nearly 10 years after it was halted. The 597-meter-tall skyscraper, which is currently the tallest unoccupied building in the world, was originally slated to be completed in 2015. However, the project stalled due to financial difficulties following the 2015 Chinese stock market crash.
A Decade of Stagnation
The tower’s completion is now expected by 2027, as Chinese state media reports that work will resume soon. The Goldin Finance 117 Tower was designed to be China’s tallest skyscraper, with 117 stories. It was built with “mega columns” to withstand strong winds and earthquakes. The design includes a diamond-shaped atrium that houses a swimming pool and observation deck, and it was planned to feature offices and a five-star hotel.
However, the project was halted after the crash, which severely impacted Goldin Properties Holdings. The Hong Kong-based real estate developer, which once had a strong financial standing, has since entered liquidation. The status of the original plans for the building, including its use, remains unclear, though a new construction permit has been issued. This permit suggests changes to the ownership and plans for the tower.
New Permit and Financial Challenges
The new permit lists a contract value of almost 569 million yuan ($78 million) but does not clarify whether the original plans will be maintained. The project’s completion will likely involve restructuring and state support, especially given the ongoing real estate difficulties in China. Over the past decade, numerous abandoned skyscrapers have become symbols of the country’s real estate struggles.
According to experts, the resumption of the Goldin Finance 117 Tower project may signal efforts by the Chinese government to stabilize the real estate market. “It’s not just about the skyscrapers themselves,” says Qiao Shitong, a law professor at Duke University. “By reviving such projects, the government aims to boost confidence in the market.”
A Broader Trend in Chinese Skyscraper Construction
In addition to the Tianjin project, the construction of another skyscraper, the Chengdu Greenland Tower, will also resume after being paused due to financial challenges. These two high-profile projects reflect a broader initiative by local governments to revive the real estate sector, which has been in decline due to economic pressures and regulatory changes.
While the revival of these towers may help improve the image of the cities, experts caution that such projects are not always financially viable. Fei Chen, a professor in architecture and urban design, noted that although skyscrapers can attract investment, they are expensive and not always sustainable in the long run.
The Development of Skyscraper Construction in China
Despite the economic slowdown and tighter regulations, China continues to lead the world in skyscraper construction. In 2024, China completed 91 of the 133 skyscrapers taller than 200 meters globally. However, experts suggest that the focus may shift away from large-scale, speculative skyscrapers as urban development strategies evolve to meet the country’s changing economic and environmental needs.
The Goldin Finance 117 Tower, once poised to be the tallest in China, is now expected to be surpassed by several other towers, including the Shanghai Tower and the Ping An Finance Centre. Nonetheless, its completion will remain a significant milestone in the country’s architectural history.
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