An iconic commercial building designed to be “China’s tallest” failed to sell again at a recent auction, even after a price cut of 2.6 billion yuan (approx $360 million), highlighting the spread of the real estate crisis to the commercial real estate sector in China’s current economic climate.
At the same time, the commercial real estate sector’s biggest player, Wang Jianlin’s Wanda Commercial Management Company, is also facing difficulties.
Unrealized Dream of ‘China’s Tallest Building’
The landmark Shimao Shenzhen-Hong Kong International Center project in Shenzhen was once ambitiously planned to be more than 700 meters (2,297 feet) tall, aspiring to become “China’s tallest building.” However, following the outbreak of a debt crisis within the Shimao Group, the developer, in 2022, the construction of the Shimao Shenzhen-Hong Kong International Center was suspended and remains halted to this day.
Jessica Mao is a writer for The Epoch Times with a focus on China-related topics. She began writing for the Chinese-language edition in 2009.
