China property slump leaves Tianjin skyscraper unfinished as growth slows

The Goldin Finance 117 tower in Tianjin was planned to include a rooftop pool and a luxury hotel, but the 595.5-metre skyscraper has remained unfinished and unoccupied years after construction began in 2008. The building has become a visible example of China's long-running property crisis, which has left abandoned high-rises and residential towers in many cities.

China's property market was once an important driver of national growth, but it has become a drag on the economy. Government data released on Wednesday showed the economy grew 4.3 percent year on year in the second quarter, its weakest pace in more than three years. Official data also showed that investment in real estate development fell 18 percent year on year from January to June, while residential investment dropped 17.8 percent.

At the Tianjin tower, parts of the eastern side of the building remained exposed, with cranes at the top. A worker involved in the project said the tower needed too much funding, but added that it would look better at night once finished with its interior and lights completed.

Construction on the skyscraper stopped after its Hong Kong-based developer, Goldin Properties, ran into financial trouble following the 2015 Chinese stock market crash. Other major developers, including Evergrande, Country Garden and Vanke, have faced debt problems since 2020, when authorities tightened access to credit to curb heavy borrowing and speculation.

Home prices have stagnated, discouraging some would-be buyers. In March, Chinese authorities banned the entombing of cremated remains in empty apartments, a practice that had grown as some mourners tried to avoid rising funeral costs.

Economists have argued that China needs to rely more on domestic consumption and less on real estate and infrastructure investment. Gary Ng, senior Asia Pacific economist at Natixis, said the property crisis was worsened by heavy debt and the belief that real estate prices would always rise. He said developers were finding it hard to pay suppliers and complete projects before selling or renting units. Ng also said Beijing would have made larger policy moves if it wanted to strongly support the market, adding that the government appeared willing to stabilise real estate while allowing other sectors to play a larger role in the economy.

Work on Goldin Finance 117 resumed in April 2025. Xinhua reported in March that workers were installing a diamond-shaped crown and that significant progress had been made in efforts to revive the project. The state news agency said leasing had largely been completed, with seven state-owned enterprises and 10 private firms set to purchase space and move in. Local media say the tower should be completed in the first half of 2027.

Guinness World Records declared Goldin Finance 117 the world's tallest unoccupied building in 2015. If completed and occupied, the tower may lose that status. Xinhua said the restart followed a bankruptcy liquidation case involving a real estate company and the disposal by Tianjin courts of related land-use rights and projects under construction, apparently referring to Goldin.

Vacant apartment complexes known as ghost cities have led to debate on Chinese social media about speculative buying and excesses in the property sector. Zhang, an 18-year-old Tianjin resident who works near Goldin Finance 117, said there were unfinished buildings of more than 20 storeys in his neighbourhood and that seeing the tower finally completed would be positive.