The tallest building completed in 2018 was, for the fourth year in a row, also built in China: the 528-metre Citic Tower in Beijing took out the top gong.

The soaring skyscraper didn’t come close to snatching the crown of the world’s tallest building, however, which belongs to Dubai’s 828-metre tall Burj Khalifa, built in 2010.

The extraordinary growth of tall buildings in China can be attributed to three key factors, according to Dave Platter, communications director of Chinese property website Juwai.

They are: pride, easy money, and agglomeration.

“The easiest one to explain is pride. As a nation, China is very proud of what it’s accomplished. A big beautiful building is one way of celebrating that,” Mr Platter said.

Similarly, for tenants, an address in a prestigious skyscraper is a status symbol and a way to mark personal success.

China’s tall buildings are built on “a foundation of cheap cash”, fuelled by easy credit, cheap debt, and banks’ willingness to lend to developers, Mr Platter said.

“The government wants banks to lend to spur the economy, and building stimulates the economy,” he said.

“When you’re building supertalls you’re not just employing builders, but steel workers, furniture creators, and more. It’s effective.”

Skyscrapers are also on the rise in China thanks to an “agglomeration effect” created by the country’s role as the world’s largest manufacturer and biggest exporter combined with huge, and growing, population and powerhouse economy.

“Businesses in places like that prefer to cluster together,” Mr Platter said.

“One business’ customers are another business’ employees. Everything works better when you have a denser city.”

Source: thenewdaily.com.au