Construction on the Goldin Finance 117 Tower in Tianjin, China, is set to resume nearly a decade after it came to an unexpected halt. The 597-meter (1,959-foot) tall skyscraper has been unfinished since 2015 due to financial difficulties faced by the developer, Goldin Properties Holdings. The tower was initially designed to be China’s tallest skyscraper when construction began in 2008.
It features innovative architectural designs, including “mega columns” to withstand strong winds and earthquakes and a “walking stick” design topped by a diamond-shaped atrium with a swimming pool and observation deck. Construction was halted in 2015 when Goldin Properties Holdings encountered severe financial woes that pushed the company into liquidation. Recent reports indicate that a new construction permit, valued at approximately 569 million yuan ($78 million), has been issued, though the defunct developer’s name will be dropped from the project.
China’s real estate market has been tumultuous, with abandoned skyscrapers becoming a symbol of financial instability.
Construction resumes on landmark project
The Chinese government has discouraged speculative construction by banning new towers over 500 meters (1,640 feet) in height.
The resumption of work on Goldin Finance 117 aligns with efforts to revive the struggling real estate sector. Another stalled project, the Chengdu Greenland Tower in Chengdu, is also resuming construction. Qiao Shitong, a law professor at Duke University, believes these actions demonstrate the national government’s aim to stabilize the real estate market and restore confidence.
The new financing details for Goldin Finance 117 remain undisclosed, but it is speculated that the state might offer investment and debt restructuring to facilitate the project’s completion. Fei Chen, a reader in architecture and urban design at the University of Liverpool, says resuming these projects is partly about enhancing the city’s image and partially a move away from past “vanity projects.”
China remains a dominant force in global skyscraper construction. Of the 133 skyscrapers measuring over 200 meters completed worldwide last year, 91 were in China.
Goldin Finance 117 will rank as the third tallest in the nation and the sixth globally upon completion, though this position could shift if other projects are completed later this decade.
