China’s cities are on the verge of a debt crisis

Without intervention, the result could be more protests and bond-market chaos

TIANJIN, CHINA - JULY 16: An aerial view of the Goldin Finance 117 on July 16, 2022 in Tianjin,China.Goldin Finance 117, also known as China 117 Tower, is an unfinished skyscraper in Tianjin, China. The tower was topped out in 2015 at a height of 597 m (1,959 ft) and has 128 stories. Construction began in 2008 but was twice halted, and as of May 2022, it remains unfinished and unoccupied. (Photo by Stringer/Anadolu Agency via Getty Images) — Image: Getty Images

Feb 27th 2023|Tianjin

From several kilometres away China 117 Tower, the world’s sixth-tallest skyscraper, is an extraordinary sight—rivalling anything Dubai, Hong Kong or New York has to offer. On closer inspection, however, the building in Tianjin is revealed to be an eyesore of epic proportions. Construction on “117”, as locals call it, was never completed. Large sections remain unfinished; patches of the tower’s concrete skeleton are exposed to the outside world. Instead of becoming a magnet for business and wealth, it has been repelling prosperity for years. Other derelict towers surround the building, forming a graveyard of a central business district. Local officials would hide the entire area if they could.

This article appeared in the Finance & economics section of the print edition under the headline “A vertiginous view”