it’s a record china never wanted to hold when construction began 13 years ago golden Finance 117 in tianjin was going to be the fifth tallest skyscraper ever
built but today it’s probably most well known as that building that those daredevils on youtube climbed despite reaching its full height of 597 metres in 2015 the site was suddenly deserted shortly afterwards and the project remains unfinished to this day with communication drying up in 2018
and no official word on when or even if the project will ever be completed many have come to wonder how one of the world’s strongest economies with the fastest rate of urbanization in history became home to the world’s tallest ghost scraper proposed back in 2008 when cities across china
were vying for their place on the world stage golden Finance 117 was to be the centerpiece of billionaire pan sutong’s golden metropolitan scheme a 1.8 square kilometer
high-end residential and central business district about eight kilometers from downtown tianjin with multiple residential and commercial towers french and italian style manners a wine museum extensive gardens and even a polo club the scheme was aimed at the super rich and the landmark skyscraper
was to be the jewel in the crown we mean that quite literally the building was to be topped with a three-story diamond-shaped atrium which would have been home to the world’s highest observation deck pool restaurant and skypar likened to a walking stick the mixed-use tower would contain 128
floors above ground with 117 of them housing hotel and commercial space as well as providing the ingenious source of the building’s name 11 dedicated to mechanical and operational services and a further four levels below ground unique among many of the world’s tallest buildings golden
Finance 117 was to be habitable up to its highest point foregoing the addition of any vanity height that seems to become commonplace among many of today’s tallest
skyscrapers in fact when comparing it with other structures purely on the highest habitable floor the building would have been second only to the burj khalifa with just half a meter in it lacking any major setbacks to disrupt wind loads and with its height to width ratio of 9.5 to 1 exceeding the
limit set by china’s seismic code the building should have been highly susceptible to lateral forces but it was designed to resist them not unlike the structural system used at malaysia’s medeca pmb118 golden #1a73e8; text-decoration: none;">Finance 117 was designed with a perimeter frame consisting of tapering mega columns mega braces and transfer trusses all supported by and tied back to a full height reinforced concrete core creating a near immovable structure but while on the surface
the skyscraper appeared no different to many of the others rising across china at that time underneath it seems like the cards were stacked against it from the outset to maintain the integrity of the chinese property market new developers aren’t permitted to start pre-sales on their schemes
until authorities have inspected and signed off on the finished product with exemptions typically only granted to established and usually state-owned firms at the time golden properties was a publicly listed hong kong-based company and a relatively new player in the mainland chinese market it had
to fully self-Finance the entire 10 billion us dollar master plan and it wouldn’t be able to begin recovering its investment until each building was completed this put
the entire scheme in a precarious situation from the beginning but if the developer was able to put up the Capital investment and there were no major disruptions to Markets
during construction then the rewards would be worth it they went ahead and construction began on the 18th of august 2008. while the global financial crisis didn’t topple china’s economy it did make it wobble golden feared the cooling chinese property href="https://cashnews.co/markets" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Markets
could be completed and ready to start sales as the market reached its next natural peak the project marched skyward but the slow recovery of international Markets compared to china put the
golden group in a vulnerable situation with its asset to liability ratio reduced to almost one to one the company was effectively all in on gold in Finance 117 and
desperately needed to complete the project before the next economic hit like something out of a movie after staving off the worst of the global financial crisis june 2015 saw china’s stock bubble burst wiping a third off the shanghai Stock Exchange’s value in a month
and the market volatility persisted until early 2016. while not a full-blown crisis the damage was already done with nothing left in reserves to ride out the turbulent period golden’s own share price on the hong kong Stock Exchange plummeted and company chairman pan sutong
with a 64 stake in the business reportedly lost an eye-watering 13 billion us dollars of his own fortune the topping out ceremony in september was meant to reignite confidence in the project but by december 2015 all work had ceased in 2018 it seemed to restart and hopes began to rise but the china
state construction engineering corporation then left again taking all of its company’s signage with it on the surface you’re probably thinking that the fate of golden none;">Finance 117 was down to a series of unfortunate events and a market that tends to favor state-owned companies but even when it was put up for sale with a handful of other golden metropolitan Assets it didn’t attract much attention and no attempt was made
to resurrect it it had all the makings of a high-end development aimed at the super-rich but the project’s location on former industrial land on the outskirts of one of china’s second-tier cities meant that the appeal for those that could actually afford it simply wasn’t there it
was like attempting to build new york’s hudson yards on the outskirts of philadelphia it’s like golden tried to get in early on a city it later expected to thrive it relied heavily on china’s continued growth favorable market conditions and the builder and they will come
philosophy the firm took a gamble on an ambitious scheme and lost like pyongyang’s infamous hotel golden Finance 117 looks set to stand not as a beacon for an emerging
city but as a monument and cautionary tale of over-ambition if you enjoyed this CashNews.co and you want to get more from the definitive CashNews.co channel for construction make sure you subscribe to the b1m
CashNews, your go-to portal for financial news and insights.
It’s a symbol of the state of the Chinese economy…. The Chinese system from banking to construction to local government money management is rotten to the core … its unsustainable and the clamp down on economic and personal freedoms around the Cult of personality of XI has assured that the rise of China is doomed … throw into the mix the extreme population decline and the massive unemployment … its never going to reach the heights it once wanted.
What does that mean "B1M"?
French and italian style,laugh my head off.
Ghostscraper…..
I like it
Calling on all urban explorers 😆
If it were me, I should invest in a high-rise building first. The surrounding land is open space. After the construction is completed, in order not to sink money, it will be gradually developed.
Golden finance 117 🤨??
You mean Rusty Bankruptcy 117 🤣
Infrastructure hates 2008.
This is the way you're supposed to do these kind of videos. No begging notices all over the screen for likes and subscriptions, and no vanity selfies taking up 50 percent of the content.
Looks like their economy is not the strongest after all.
And super rich people? It's a communist country
waste of resources
1:45 if that glass fails for whatever reason…….. my god.
Gotta Love IT!😎
The U.S. doesn't have to worry about China, they are doing enough to their own economy to keep them from being the dominate world power.
China has codes? (other than the unwritten kick back codes).
A hong-kong based firm wanting to do real-estate in mainland China. Lmao good luck with that bud.
Inferiority complex!
Well it is still the highest jewelled stick… Jewelled Ghost Stick!!!
😂😝😛😜🤣
Because Goldin closed down
Oh if it’s abandoned, it’s Chinese !
An unfinished and unmaintained building will eventually start to fall down , probably a piece at a time.
‘Ghost Scraper’ eh? A good one though in my mind’s eye I see a ghost lounging underwater being picked over by small cleaning fishes and shrimps.
Insecure
They are fed up with skyscrapers not being finished so they banned them over 500 meters.
The problem that I see with with building mega risky vanity projects such as this is who eventually pays the cost of an equally risky mega failure?
I am pleased to share with B1M, Professionals and Companies the most advanced technological tool in existence: the Digital Twin that I invented in 1981 under the name of Virtual Instruments. https://youtu.be/eadaQiL_AK0 https://youtu.be/fXlp4QLdWQs
Export the Chat GPT, Revit, Plant 3D, Civil 3D, Inventor, Engi file of the Building or Re-finery to Excel, prepare Budget 1 and export it to COBRA. Prepare Budget 2 and export it to Microsoft Project. Solve the problems of Overallocated Resources, Planning Problems, prepare the Budget 3 with which the construction of the Building or the Refinery is going to be quoted.
The growth in the area could restart who knows what might be in the future 😊
When unchecked rapid growth occurs in a person, we call that cancer. When economies rapidly grow unchecked we call that progress.
The Ugliest Building I've Ever Seen
I just have to say I think you guys do incredible work… I have done nothing but enjoyed this since I ran across it.. As a lover of skyscrapers and of cities, I'm not really sure how I was unaware of it ?!?
It looks great it sounds great it is great thank you
Nice commercial building 👍🏻😒
I think large buildings like this are ugly
😶🌫️wow so tall
Thanks for this studies.
Communism fails again…because they always run out of other people's money 😆
The const was started in august which is the month of the ghost
Tianjin is not a second tier city. Tianjin is the fourth largest city in China, after Shanghai, Beijing, and Guangzhou (Canton)..