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China's skyscraper fervor causes concerns of investment misstep


14:24, September 03, 2012

BEIJING, Sept. 3 (Xinhua) -- Clusters of skyscrapers are elevating the urban skyline in many Chinese cities. However, recent reports of a craze to build more of them have sparked concerns of inadvisable investment.

Beijing's current tallest building -- the China World Trade Center Tower 3, which is 330 meters in height, will be dwarfed in 2016 by the nearby "China Zun," which is being developed by the CITIC Group.

The design of the 528-meter China Zun was inspired by a kind of ancient Chinese wine vessel, and investment in the project is to reach 24 billion yuan (3.78 billion U.S. dollars), according to the group.

China Zun is only an epitome of the increasing number of skyscrapers shooting up across Chinese cities under the fervor for high-rises in recent years.

The southwestern city of Chongqing is pumping a total investment of 10 billion yuan into developing the 470-meter-tall Chongqing International Financial Center.

Shenzhen in south China's Guangdong Province will embrace its 660-meter Ping'an International Financial Center in two years, the result of a total investment of 9 billion yuan.

The 580-meter-tall Shanghai Center will beat the 492 meters of the Shanghai World Financial Center in the future as the tallest building in the city.

To make all these projects pale in comparison, it has been reported that next June Changsha, capital of central China's Hunan Province, will start using just seven months to construct a building that will be 10 meters higher than the 828-meter Burj Khalifa Tower in Dubai, the world's tallest building.

Buildings higher than 152 meters are regarded as skyscrapers. Among the 10 tallest buildings completed, four are located in the Chinese mainland.

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