It was only last January when we wrote that of all of the world’s skyscrapers under construction, China was home to 53% of them. If anything, that was the ultimate contrarian sell in China as often the world’s tallest buildings are simply the edifice of a broader skyscraper building boom, reflecting a widespread misallocation of capital and an impending economic correction.
Well, according to CNN, China is planning the construction of the world’s tallest building to be ready by early 2013, a 220-story structure which would cost the Chinese about US$628 million. Once completed, it will surpass Dubai’s Burj Khalifa to become the tallest structure in the world. The building will also outshine China’s current skyscraper poster boy: the 632-meter Shanghai Tower.
Chinese architects and engineers claim they need a mere 90 days to leave the Emiratis in the dust with Sky City. You read it right: they will build the tallest building in the world in only 3 months! Well, we have written before about the 358-room hotel built in only 15 days, so it seems that the Hunan-based construction company Broad Sustainable Building (BSB) is an expert in such projects.
Anyway, the main takeaway here is that this is another evidence that China may experience a hard landing… if not in 2012, perhaps in 2013. Expect further GDP downgrades as the year goes by…