Shanghai will start construction tomorrow on what will be China's tallest building at 632 metres, making a 14.8 billion yuan (HK$16.8 billion) bet that the global economic crisis will be just a memory when the work is completed in 2014, developers said yesterday.
The Shanghai Tower, located in the financial district, will reach more than 120 storeys, topping the city's current tallest building, the Shanghai World Financial Centre, which opened in September, and the Taipei 101 building in Taiwan.
With those two Shanghai buildings and the neighbouring Jinmao Tower, the super-high-rise trio in the Lujiazui area will be complete. The underground portion of the planned building will be finished in 2010, the year the city hosts the World Expo.
The building will have a gross floor area of 576,000 square metres for office and retail space, and a conference centre and a luxury hotel. It will also house, at 474 metres, the world's highest observation deck.
The design incorporates a twisted shape as architects say the asymmetrical construction will reduce the impact of the wind.
The project will be developed by Shanghai Tower Construction and Development, which consists of three of the city's state-owned companies.
Company general manager Gu Jianping said he was confident of the project's prospects despite the economic meltdown.