World's Tallest Unfinished Building in China: The Truth Behind This Shocking Project

The tallest unfinished building in China is also the tallest unfinished building in the world, the Tianjin Golden 117 Building. As an iconic symbol of China's troubled real estate industry, the 117 Building, located in Shiking District, Tianjin, is widely known. But what is the real reason behind its incomplete status? Is it due to the struggling Chinese economy, the real estate bubble, or the plunge in property prices? In September 2023, we captured aerial photos of the Tianjin Golden 117 Building using a drone, only to discover that it wasn't the only unfinished structure in the area. This video offers the most comprehensive analysis of why the 117 Building remains incomplete. If you're curious about the truth behind this skyscraper's fate, be sure to watch the entire video. The title of the world's tallest unfinished building is certainly one that the Tianjin Golden Financial 117 Tower never wanted. It took seven years to build, but has remained unfinished for eight. Why? Whenever unfinished buildings in China are discussed, this tower is always mentioned. Developed by Golden Group with an estimated total investment of over 70 billion yuan, the 117 Building stands at 596.5 meters tall. It was the fifth tallest building in the world when its construction began, and the tallest in China when it was topped out in 2015. If completed on schedule, it would have held an incredible record. But instead, it holds the distinction of being the tallest unfinished building in the world. During our visit to the 117 Building, we found not just one, but several other unfinished structures nearby. As we dug deeper, we uncovered surprising details about why this ambitious project, along with others, was abandoned. This analysis provides insight into the root cause of the 117 Building's fate. On February 21, 2023, another unfinished landmark, the 195-meter-high Songri Headquarters Building in Guangzhou Science City, was successfully auctioned for 1.312 billion yuan after two failed attempts. Its initial valuation was 2.56 billion yuan, meaning the final price was just half of its assessed value. The Songri Headquarters owner, Fuda Real Estate, is a subsidiary of Pansutong's Golden Group, which also owns the 117 Building. Interestingly, most of Golden Group's real estate projects, including skyscrapers, remain unfinished. Coincidence? When we examined Golden Real Estate's official website and financial reports from previous years, it became clear why the 117 Tower project stalled. The company ran out of money. Golden Real Estate developed the 117 Tower from 2008 to 2015, when it was still a listed company in Hong Kong. In 2015, during its stock price peak, the company had a market value of over 10 billion US dollars, and Pansutong ranked sixth among Hong Kong's richest people. So, where did the money go? Golden Real Estate's 2015 financial report reveals that despite investing heavily in the 117 Tower, their revenue for that year was only 560 million yuan. The report also stated that completing the Tower would require an estimated 10 billion US dollars. While the company held 1.88 million square meters of property, the construction area of the 117 Tower itself was only 280,000 square meters. Drone footage revealed not just the incomplete 117 Building, but a sprawling area of unfinished structures, including two 225-meter twin office towers, 20,000 square meters each, the new Beijing Tianjin Convention and Exhibition Center, 10,000 square meters, a 20-story opera house, 36,000 square meters, a luxury business hotel, 180,000 square meters, 33 high-end shopping malls, 1,000 square meters each, 11 villas and 11 townhouses, 540 square meters each, 12 residential buildings, 165 square meters each. All of these projects remain unfinished, painting a grim picture of Golden Group's financial struggles and the broader challenges in China's real estate sector. Let's first examine the current state of the 117 Building. Since its completion in 2015, construction resumed briefly in 2017, 2018, and 2019. However, since 2019, no further work has been done. During the last construction phase in 2019, part of the glass curtain wall was installed. Approximately two-thirds of it is complete. Inside, many construction facilities remain, including an elevator still on the roof. Originally, there were four tower cranes, but all except one have been dismantled. These facilities have now been exposed to the elements—wind, sun, and rain—for over eight years, causing visible rust and deterioration. Some parts are so corroded that they appear to be rotting. The 117 Building was designed as a 117-story skyscraper, with three underground levels. Floors 1 through 6 were intended to house the lobby, while floors 7 through 92 would include Class A office spaces, hotel restaurants, and conference rooms. Floors 93 to 117 were planned for a six-star hotel, featuring the world's highest swimming pool on the 115th floor, a sightseeing hall on the 116th floor, and a revolving restaurant. Unfortunately, these ambitious features remain unrealized, leaving the 117 Building with only one record—the world's tallest unfinished building. Adjacent to the 117 Building are the Twin Towers, each 225 meters tall and planned to have 43 floors. Currently, only about a dozen floors have been built, with construction starting much later than the 117 Building. These towers lack protective measures, resulting in even greater rust than the 117 Building itself, raising concerns about their future structural safety. To the east of the Twin Towers lies a villa area and high-rise residential buildings. These were planned in two phases, but reportedly only 12 units from the first phase were sold. The high price—significantly higher than surrounding properties at the time—likely deterred buyers. Even in 2023, property listings show prices at 32,000 yuan per square meter, compared to 19,000 yuan per square meter for nearby developments. East of the villa area is the Tianjin-Huanya International Polo Club and Theme Park. When using a drone to survey the area around the 117 Building, numerous factories were visible nearby. This part of Xiking District, Tianjin, was farmland 16 years ago and still contains large areas of unused land. Promotional slogans advertising factory land for sale with a down payment of 500,000 yuan can still be seen along the roads. One wonders why a company chose to build China's tallest skyscraper in such a location. The decision likely reflects the vision—and perhaps hubris—of Golden Group's founder Pan Sutong. Pan Sutong's rise and fall is dramatic. Ranked sixth on the Forbes' Hong Kong Rich List in 2016 with a net worth of $12.2 billion, he was declared bankrupt by a court in Born in Xiaoguang, Guangdong in 1963, he immigrated to the U.S. in 1976 and later returned to Hong Kong to establish a business empire. In the 1980s, with family financial backing, Pan began manufacturing appliances for Panasonic, earning his first fortune. He founded the Songri Group, producing household appliances endorsed by Hong Kong celebrities, including Nicholas Tse and the pop duo Twins. Despite his business achievements, Pan Sutong's personal behavior has been controversial. At a company celebration, he forcibly kissed a member of Twins, leading them to publicly describe him as disgusting. Known for his extravagant lifestyle, Pan spent 20 million Hong Kong dollars on a polo horse and became vice president of the World Polo Association. In 2008, Pan made a bold foray into real estate, declaring his intent to build China's tallest building in Tianjin. He claimed it would be a legacy project that, centuries later, people would still ask about. Unfortunately, the reality has been far less glamorous. In 2013, Pan Sutong, a red wine enthusiast, spent 146 million yuan to purchase a French winery. On May 21, 2015, two properties under his name were listed for sale. The company's stock plummeted, wiping out 120 billion Hong Kong dollars in market value in a single day. Based on his shares, his wealth shrank by over 80 billion Hong Kong dollars. Yet shortly after, he purchased a mansion for 2.5 billion Hong Kong dollars and moved next to Lika Xing, believing proximity to the tycoon would be advantageous. In early 2020, Pan Sutong borrowed over 10 billion yuan from Lika Xing to repay company debts, with an interest rate of 8 percent, higher than standard bank rates. He also borrowed twice from By 2022, Citic Bank filed for his bankruptcy as a guarantor for a company loan of 8 billion yuan. The court declared him bankrupt, and his companies were liquidated. In Golden Real Estate's 2015 financial report, Pan Sutong claimed that Tower 117 would be By 2016, this was postponed to 2017. However, only capping was achieved, and large-scale work never resumed. By September 2023, eight years after its capping, the building remains exposed to the elements, with visible rust. If this neglect continues, China's tallest building may face demolition. Golden Group considered selling the project as early as 2015 to repay debts and recover. However, Tianjin faced challenges that year. On August 12, the catastrophic Tianjin port explosion caused 165 deaths, 798 injuries, and extensive property damage, raising concerns about Tianjin's future. Meanwhile, China imposed skyscraper height restrictions due to high costs, fire risks, and high vacancy rates. Cheng Yutong, one of Hong Kong's wealthiest, invested 460 billion yuan in skyscrapers across four cities, including Tianjin. The 117 building, with an estimated cost of over 10 billion dollars, already consumed 40 billion yuan, illustrating the financial burden of such projects. Fire safety remains a concern. Days before this filming, a fire broke out on the 32-story Xintiandi building in Tianjin. Firefighting equipment only reached 30 stories, highlighting the limitations in fire management for tall buildings. High vacancy rates also hinder the 117 building's viability. The shift toward remote work has reduced the demand for office space. Many businesses continue to embrace this model, favoring cost-effective shared offices like WeWork. In 2023, Savills reported unhealthy vacancy rates for Grade A office buildings. Beijing, 18.3 percent. Shanghai, 16 percent. Guangzhou, 20.8 percent. Shenzhen, 27 percent. Hangzhou, 30 percent. And Tianjin, 34 percent. By 2025, Tianjin is expected to add 300,000 square meters of office space, while the 117 building's 7th to 92nd floors will contribute 200,000 square meters. With a daily unit price of 4.8 yuan per square meter and a 34 percent vacancy rate, annual rental income would be 230 million yuan, taking 35 years to recover the 70 billion yuan investment, excluding maintenance costs. In the context of the current severe economic downturn, where major real estate developers like Country Garden and Evergrande face financial distress, no company seems willing to take on this burden. Golden Group and its owner have gone bankrupt, leaving the 117 building awaiting auction. If no buyer steps forward, the building's safety could deteriorate in a few years, and demolition may become its ultimate fate. Demolishing this 597-meter-high structure would undoubtedly present a massive challenge. In 1999, German economist Andrew Lawrence introduced the skyscraper index, which suggested that a recession often follows the construction of the world's tallest buildings. Economic cycles and skyscraper projects influence each other. Skyscraper investments peak when economic growth stagnates and recession looms. American-Austrian economist Mark Thornton's skyscraper index model successfully predicted the 2008 financial crisis as early as August 2007, and China's current economic downturn is a sign of the cycle to come.