Photo credit: www.architecturaldigest.com
In September 2015, Guinness World Records recognized Goldin Finance 117, an unfinished skyscraper standing at 1,959 feet in Tianjin, China, as the tallest unoccupied building in the world. The ambitious 128-story project was abandoned by developers due to severe financial challenges before its completion. Recent reports from CNN indicate that construction may soon resume, as efforts are being made to revive this notorious structure. Here’s a deeper look into the history of the building.
What is the history of Goldin Finance 117?
Goldin Finance 117 was conceptualized by P&T Group, a Hong Kong-based architectural firm renowned for its significant projects across Asia. This skyscraper was intended to be a prominent feature of the Goldin Metropolitan Scheme, a mixed-use development targeting affluent residents, and planned to encompass residential, commercial, and hospitality spaces. The developer behind this venture was Goldin Properties.
Construction on the skyscraper commenced in 2008, with an initial completion target set for 2014, aiming to make it the tallest building in China. However, work was halted in 2010 due to the repercussions of the Great Recession. Although construction resumed in 2011, the anticipated completion was pushed to 2018 or 2019. The building eventually topped out in 2015, signaling that its frame was complete; however, construction came to another abrupt pause shortly thereafter. For nearly a decade, Goldin Finance 117 has stood as an incomplete and unoccupied edifice.
Why was Goldin Finance 117 abandoned?
The financial turmoil following China’s stock market crash in 2015 severely impacted Goldin Properties, leading to its liquidation and the abandonment of Goldin Finance 117. The structure has since emerged as a stark representation of broader real estate challenges in China, including excessive real estate investments and unsustainable borrowing practices by developers. It is one among numerous unfinished real estate projects scattered across the country.
Currently, Goldin Finance 117 ranks as the fifth tallest building globally.
Will Goldin Finance 117 ever be finished?
As reported by CNN, citing Chinese state media, there are now expectations for Goldin Finance 117 to reach completion by 2027. While specific financing details remain undisclosed, some analysts suggest that government intervention, including potential debt restructuring, could be facilitating the revival of the project.
“Supertall skyscrapers are not always the most efficient projects nor necessarily profitable, but they serve as indicators,” stated Qiao Shitong, a law professor at Duke University and author of two books on Chinese real estate. “Reviving and completing this project may be the government’s strategy to bolster public confidence.”
Source
www.architecturaldigest.com