SHANGHAI, Aug 2 — Shanghai Tower, which will be China’s tallest building when it is completed in 2015, will reach its highest point tomorrow, adding to the country’s construction boom even as the economy slows.
The 632-meter (6,800-foot) Shanghai Tower in the city’s Pudong business hub is also set to be the world’s highest building after the 828-meter Burj Khalifa in Dubai, according to the Chicago-based Council on Tall Buildings and Urban Habitat. The 125-story Shanghai Tower, which broke ground in November 2008, will include offices, a luxury hotel and retail space, according to the developer, Shanghai Tower Construction and Development Co.
Competition to build the country’s skyline higher is continuing even as China’s economy slowed for a second quarter and Premier Li Keqiang reins in a credit boom. China completed 22 buildings higher than 200 meters last year, accounting for 33 per cent of the global number, more than any other country, according to the council on tall buildings.
The vacancy rate for prime offices in Shanghai rose to 6.2 per cent in the second quarter compared with 4.3 per cent at the same time last year, the eighth lowest among 29 cities tracked by Cushman & Wakefield Inc. in the Asia-Pacific region. Office rents fell 4.5 per cent from a year ago to US$450 (RM1,464) per square foot a month, it said.
The 660-meter Ping An Finance Center in the southern city of Shenzhen will be China’s tallest building when it is completed in 2016, according to the skyscraper center database of the council on tall buildings. China’s tallest building currently is the 492-meter Shanghai World Financial Center, also in Pudong.
The developer of Shanghai Tower will hold a topping out ceremony tomorrow to mark the building reaching its height. — Bloomberg
