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Updated Saturday, November 29, 2008 10:45 am TWN, Reuters

Shanghai defies slump with tallest building plan

SHANGHAI -- Three months after opening the world’s second tallest skyscraper, Shanghai is about to start construction of an even taller building, defying an economic slowdown and slumping property values across the country.

Work on the 632-meter (2,073-foot) Shanghai Tower, expected to cost US$2.2 billion, will begin in the city’s Lujiazui financial district on Saturday and is expected to be completed in 2014, developers said on Thursday.

Gu Jianping, managing director of Shanghai Tower Construction and Development Co, said that by the time the building is opened China’s economy is likely to be booming again.

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