MIPIM, the European property show that is taking over the beachfront resort of Cannes in the south of France this week, has kicked off in sunshine.
There are noticeably fewer delegates in the cafes, restaurants and in the main exhibition centre than in previous years as real estate-related businesses have sent far fewer representatives.
However, the rather sombre mood has not detered one developer from unveiling details of the highest tower to be built in China despite the current economic worries taking hold in Asia and the rest of the world.
The Shanghai Tower in the Luijiazui Finance and Trade Zone of the city will be ready for occupation in 2014 and will rise next to two other existng skyscrapers in an area that used to be farmland 18 years ago.
According to architecturoal firm Gensler, the zone is poised to become China's first “super-tall” district. “This tower is symbolic of a nation whose future is filled with limitless opportunities,” said Qingwei Kong, president of Shanghai Tower Construction & Development, which is developing the project.
The property will be arranged as nine cylindrical buildings stacked one upon the other.