Work on the soaring Goldin Finance 117 began in 2008, but construction stalled as its developer fell into debt and the tower remains unfinished 18 years on.The 595.5-metre (1,954-foot) skyscraper is emblematic of the years-long crisis that has left Chinese cities dotted with abandoned high-rises and residential towers.China's property market was once a key driver of national growth, but has become a stumbling block.The economy expanded by 4.3 percent year-on-year in the second quarter -- its weakest pace in more than three years, according to government data on Wednesday.At the foot of the skyscraper, construction workers wearing brightly coloured vests and hard hats took their lunch breaks."It required too much funding... the amount of capital needed was just too large," a worker involved in the project told AFP on Tuesday.
China's property market was once a key driver of national growth, but has become a stumbling block © ADEK BERRY / AFP
"But once it is built and finished, with the interior completed and the lights installed, it will look even more beautiful at night," the worker added.Parts of the eastern side of the building were still exposed when AFP visited, with cranes at the top.Investment plummetingConstruction on the skyscraper halted after its Hong Kong-based developer Goldin Properties ran into financial trouble following the 2015 Chinese stock market crash.Real estate giants such as Evergrande, Country Garden and Vanke have also been plagued by debt struggles since 2020, when authorities narrowed access to credit in a bid to curb excessive borrowing and speculation.The property crisis drags on and home prices have stagnated, dissuading would-be buyers.Investment in real estate development across the country saw an 18 percent drop year-on-year between January to June, according to official data, with residential investment falling 17.8 percent.In March, Chinese authorities banned entombing cremated remains in empty apartments, a practice that took off as mourners tried to dodge rising funeral costs.
