A 6-block piece of land in Beijing’s Central Business District just sold in auction to state-owned Citic Group for 6.3 billion yuan… that is just shy of a Billion (yes, with a B) dollars.
According to reports, Citic plans to use part of the plot for a 500-meter skyscraper. Yes, Billion with a B, and 500m with a 5.
When this skyscrapper is built, it will be Beijing’s tallest. It will be taller than the recently completed China World Trade Center Tower by 170 meters.
Think that sounds impressive? Check out what is happening in Shanghai, where the world’s second tallest building is already under construction. The Shanghai Tower, scheduled for completion in 2014, will top out at 632 meters and feature the world’s highest hotel.