appConfigEntityId

bodyType

customContents

entityId

entityUuid

isVideo

articlePageQuery

article

articleSchemaContent

content

hooksArticlePageAdvertisementConfigArticle

hooksArticlePageFloatingButtonConfigArticle

appConfig

filter

json

liveArticle

Mia Nurmamat

Once dubbed the world’s tallest abandoned skyscraper, Goldin Finance 117 in northern China appears to be in the homestretch of a marathon construction effort – after nearly a decade of dormancy and a year of resumed work – even as the nation’s property market struggles to leg out a sustained recovery.
Late last month, workers began installing a diamond-shaped crown on top of the building – designed to be 596 metres (1,955 feet) tall upon completion – in the port city of Tianjin, according to state media reports.
Eighteen years after construction began, the saga of this closely watched building has long underscored both the collapse of China’s property market and the nation’s retreat from earlier pursuits of supertall skyscrapers.
The project was resumed last year through a government-led restructuring and takeover by state-backed investors, and it is now being positioned as a major project to stabilise the property market and rebuild confidence.
The hoisting of the 7.6-tonne diamond-shaped steel structure atop the building was said by Xinhua to be a notable milestone since construction on the skyscraper resumed last April.
Leasing for the main tower has been largely completed, with 17 companies committing to space, including seven state-owned enterprises and 10 private firms, according to the report.

Once finished, the tower is expected to rank as China’s third-tallest building, behind Shanghai Tower at 632 metres (2,073 feet) and Ping An Finance Centre at 599.1 metres (1,965 feet).
Construction of Goldin Finance 117 broke ground in 2008, and the main structure was topped out in September 2015, but the project stalled later that year following a stock market crash that triggered funding difficulties for its developer, Hong Kong-based Goldin Properties Holdings, which subsequently entered liquidation.
The nearly US$10 billion project, once seen as a symbol of China’s property boom and architectural ambition – and one that promised to redefine skyscraper standards – became emblematic of the sector’s downturn as it remained idle for years.
That hiatus coincided with a broader policy shift. After years of rapid expansion, Beijing imposed curbs on supertall buildings – including a ban on new projects taller than 500 metres (1,640 feet) – partly to rein in speculative financing often associated with such mega-developments.
The move further cemented Goldin Finance 117’s reputation as one of the world’s largest “ghost towers” – referring to unfinished, unoccupied or significantly underutilised buildings.
The project was revived last year under a government-led effort, with state-backed groups, including Citic Group and China State Construction Engineering Corporation, brought in to help advance construction. Shanghai-based media outlet The Paper reported that remaining contracts for the resumed phase were valued at about 569 million yuan (US$82.5 million), with a construction period of two years, which would see the project completed in 2027 if lengthy new delays can be avoided.
Beijing has moved to rein in risks from the property sector since 2020, tightening borrowing for developers to curb financial excesses. The resulting liquidity squeeze left many developers struggling to service debt or complete pre-sold projects.


The downturn has yet to reverse. New home prices across 70 Chinese cities in February fell 3.2 per cent, year on year, marking the 32nd consecutive month of decline, according to a Reuters report last month citing calculations based on data from the National Bureau of Statistics.
Despite these headwinds, China continues to dominate global skyscraper construction. In 2024, 97 of the 138 buildings worldwide taller than 200 metres (656 feet) were completed in China, accounting for more than 70 per cent, according to the Council on Tall Buildings and Urban Habitat, a Chicago-based non-profit organisation known in the industry for its work on skyscraper height standards.
During the years that Goldin Finance 117 stood idle, Tianjin added another landmark tower: the Tianjin CTF Finance Centre, developed by New World Development. The 530-metre (1,739-foot) building, which began construction in 2009 and was completed in 2019, is now the third-tallest completed skyscraper in China.
Meanwhile, another stalled skyscraper project – the Chengdu Greenland Tower in Chengdu, Sichuan province – was expected to be completed by the first half of 2027, according to the Cover News, a local digital media outlet backed by the state-run Sichuan Daily Group.
The planned 468-metre (1,526-foot) tower resumed construction last year after being on hold since 2023 due to financial difficulties faced by its state-backed developer, according to the report.


How Asia-Pacific property markets are drawing fresh capital despite US rate uncertainty

How China’s growing Reit sector is giving foreign property investors a route back in

Led by China and US borrowing, the world now owes a record US$365 trillion debt: IIF

To increase China’s consumption, boost the nation’s social safety net, IMF director says

China property

China’s long-delayed skyscraper, Goldin Finance 117, nears completion amid property woes

On March 28, the first component of a diamond-shaped crown was hoisted to the rooftop of the Goldin Finance 117 skyscraper in the Chinese city of Tianjin. Photo: Xinhua

On March 28, the first steel-structure component of a diamond-shaped crown was hoisted to the rooftop of Goldin Finance 117 in the Chinese city of Tianjin. Photo: Xinhua

As China’s property downturn grinds on, foreign suppliers strive to adapt

New construction projects in China have declined in recent years amid a property downturn, which continues to affect downstream industries. Photo: Getty Images

Judy Marks, president and CEO of Otis, speaks at the China Development Forum in Beijing. Photo: Handout

Top Chinese developers’ losses mount as debt overhaul props up operations

A residential building under construction by China Vanke in Hangzhou, Zhejiang province, in March 2024. Photo: AFP

A woman walks past a China Vanke residential complex in Beijing’s Changping district in December. Photo: AP

Hong Kong’s property market resilient despite small setback last month, analysts say

A view of Kowloon photographed from the Sky100 observation deck. Photo: Eugene Lee

View of residential buildings in The Mid-Levels. Photo: May Tse

‘China shock 2.0’ is a false narrative born of Western anxiety: Chinese media

Large numbers of cars and containers are stacked at a port waiting for export in China’s eastern Jiangsu province. Photo: AFP

China has ‘room’ for imported inflation, but economic risks rising: PBOC adviser

Drivers line up to refuel at a petrol station in China’s Jiangsu province last week, amid concerns about rising energy prices due to the ongoing Middle East conflict. Photo: EPA

Economy

China Economy

News

China

Once deemed a ‘ghost tower’ and a benchmark of unfinished projects, the 596-metre building’s state-backed revival reflects efforts to rebuild confidence in fragile market


Once deemed a ‘ghost tower’ and a benchmark of unfinished projects, the 596-metre building’s state-backed revival reflects efforts to rebuild confidence in fragile market.
