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China Construction Slowdow

A subsidiary of China’s largest construction group has suspended work on one of the nation’s tallest skyscrapers after the developer became the latest in a string of companies to default on a payment. The default highlights the growing challenges faced by China’s construction groups as the slowing economy trims credit supply, putting the once runaway mega-tower building boom under stress. In an October 30 letter seen by the Financial Times, China Construction Third Engineering Bureau Co said it would halt construction on a 475m-high skyscraper in the central city of Wuhan. It said Greenland Group, one of the nation’s largest property companies, had failed to make “a significant” project payment.“Unfinished super tall skyscrapers, which cost a huge amount of funds to build, are a typical sign of economic recession,” said Yan Yuejin, an analyst at Shanghai-based E-house China Research and Development Institution. “They are financed by credit and will run into trouble when lenders begin to scale back.”

China reported year-on-year economic growth of 6 per cent in the third quarter, its slowest pace in 30 years of the nation’s tallest skyscrapers after the developer became the latest in a string of companies to default on a payment. The default highlights the growing challenges faced by China’s construction groups as the slowing economy trims credit supply, putting the once runaway mega-tower building boom under stress. In an October 30 letter seen by the Financial Times, China Construction Third Engineering Bureau Co said it would halt construction on a 475m-high skyscraper in the central city of Wuhan. It said Greenland Group, one of the nation’s largest property companies, had failed to make “a significant” project payment.



“Unfinished super tall skyscrapers, which cost a huge amount of funds to build, are a typical sign of economic recession,” said Yan Yuejin, an analyst at Shanghai-based E-house China Research and Development Institution. “They are financed by credit and will run into trouble when lenders begin to scale back.”China reported year-on-year economic growth of 6 per cent in the third quarter, its slowest pace in 30 years. Cash- strapped property developers have been struggling to keep their tall-building projects afloat Other cash-strapped property developers have also been struggling to keep their tall-building projects afloat. FT research reveals that construction of more than a dozen super tall skyscrapers, defined as buildings higher than 300m, has been postponed or is behind schedule.

Recommended China’s waning appetite for stimulus weighs on global economy “Demand for office space has weakened considerably due to the slowing economy,” said Cherry Hu, an analyst at Cushman & Wakefield in Wuhan. “The situation is not going to improve any time soon.” Li Guozheng, an analyst at China Index Academy, a property consultancy, said Greenland faced a dilemma. “You can’t give up on the project because you have already invested heavily in it,” said Mr Li. “But if you go ahead, you run the risk of not being able to find renters while having to pay sky-high maintenance bills.” Until recently, Greenland had been able to rely on selling expensive residential apartments, which it would develop adjacent to its multi-use mega buildings, to insure itself against any potential losses from empty office space. The strategy, however, is under pressure as sales of luxury homes have fallen off owing to the cooling economy and a crackdown on housing speculation. “There is a fundamental problem with Greenland’s business model,” said Mr Li. “It doesn’t take into account an economic downturn.”