Construction work on Goldin Finance 117, the world’s tallest unfinished skyscraper, is set to resume after almost a decade of dormancy. Located in Tianjin, China, the 597-meter (1,959-foot) tower had been left incomplete since 2015 due to severe financial difficulties. The project, which had been one of the most ambitious in China’s real estate sector, is now slated for completion in 2027.
A Vision of Architectural Grandeur
When construction began in 2008, Goldin Finance 117 was meant to be the tallest skyscraper in China. Designed with mega columns for structural stability, the building was crafted to withstand strong winds and earthquakes.
The tower’s unique design included a diamond-shaped atrium with a swimming pool and an observation deck at the top. It was also intended to host offices and a five-star hotel in its upper floors, according to architectural firm P&T Group.
At the time, the project’s scale and innovative design made it a standout in the global skyline. However, the ambitious plan came to a halt following a series of financial setbacks.
A Stalled Project and Its Financial Fallout
In 2015, the project came to a standstill after the Chinese stock market crash, which triggered the financial collapse of Goldin Properties Holdings, the developer behind the skyscraper.
The company’s founder, Pan Sutong, who had once been among Hong Kong’s wealthiest businessmen, faced significant losses, ultimately leading to the liquidation of the development firm.
Since then, the structure has remained largely unfinished, becoming one of China’s most recognizable examples of stalled real estate projects.
With the development sidelined, the project stood as a symbol of the broader challenges faced by China’s real estate market, which has struggled with over-investment and unsold properties in recent years.
Government Support and the Revival of the Tower
According to CNN, The Goldin Finance 117 project is now on track for a comeback, with a new construction permit issued for the continuation of work. According to state media, the new contract is valued at nearly 569 million yuan ($78 million).
The resumption of construction reflects broader efforts by the Chinese government to revive its struggling real estate sector and restore confidence among investors. Experts believe that the Chinese government’s support through debt restructuring and investment assistance has been crucial in getting the project back on track.
Qiao Shitong, a law professor at Duke University School of Law, explained that the state’s involvement is part of a larger strategy to “stabilize the real estate market.” By resuming iconic projects like Goldin Finance 117, the government aims to signal to the market that the country’s real estate sector is recovering.
In addition to its economic implications, the building’s completion is also seen as a way to enhance the image of Tianjin. Local officials want to avoid leaving the city with unfinished structures, which can become eyesores and hinder urban development.
Economic Viability and Long-Term Concerns
Despite the resumed construction, significant doubts remain about the project’s long-term economic viability. The sluggish property market in China, with declining demand for new office space, raises questions about the tower’s ability to attract tenants once completed. Additionally, China’s real estate market continues to grapple with high vacancy rates and slowing property sales.
Although Goldin Finance 117 is set to become one of the tallest buildings in China, it is no longer the country’s tallest. The Shanghai Tower and Ping An Finance Centre in Shenzhen now surpass it in height. Once completed, Goldin Finance 117 will be China’s third tallest skyscraper and the world’s sixth tallest.
Experts like Qiao Shitong caution that, despite the towering ambition of such projects, they often fail to make a profit. “It’s a huge investment,” he said. “And I seriously don’t know who is going to buy or rent this commercial space.”
Nevertheless, China’s skyscraper boom continues, with the country maintaining its dominance in global skyscraper construction. In 2024, of the 133 skyscrapers taller than 200 meters completed worldwide, 91 were in China. Despite tightening regulations and economic concerns, the country’s appetite for supertall skyscrapers remains strong.
