Cnn World: China's Goldin Finance 117 Tower Revival
The tower's unique design and prime location make it a highly anticipated project, and its completion is expected to be a major milestone for China's real estate sector, as the government seeks to revive the industry and boost economic growth.
Construction on the long-abandoned Goldin Finance 117 tower in Tianjin, China is set to resume after over a decade, with a new completion target of 2027, as the government aims to boost confidence in the struggling real estate sector.
The 597m skyscraper, designed by P&T Group, features a unique "walking stick" design with four mega-columns and a diamond-shaped crown, and was originally intended to feature three office zones and a five-star hotel. However, the project stalled in 2015 due to financial difficulties faced by its Hong Kong-based developer, following a Chinese stock market crash.
The project's revival is seen as a symbol of Beijing's efforts to boost confidence in the real estate sector, with some analysts viewing it as a positive sign for the industry. The tower, valued at 569 million yuan ($120 million), is expected to feature residential apartments, a luxury hotel, and commercial spaces, and will stand at 1,959 feet tall, making it China's third-tallest building and the world's sixth-tallest structure.
The resumption of construction on the Goldin Finance 117 tower is a significant development for China's real estate sector, and its completion is expected to have a positive impact on the industry. With the new construction permit issued, work is expected to restart soon, and the project's fate will be closely watched as a symbol of the government's efforts to boost investor and public confidence.