Shanghai Tower failing to attract many tenants

Shanghai Tower, China’s tallest skyscraper, has had trouble finding companies to move in since the last beam was placed atop the building three years ago, according to The Wall Street Journal. As the world’s second-tallest building, it was designed by state-owned developer, Shanghai Tower & Construction Development Co. to be a global center for top investment banks, insurance firms and fund management houses. Instead, as it has struggled to lease up. The poor performance doesn’t bode well for the latest crop of office towers rising in China. About 46% of the world’s super-tall buildings – those 150 meters (492 feet) or higher – that are currently under construction are in the country. So far, only a few major tenants have said publicly that they have signed leases. The biggest deal so far has been with Ant Financial Services Group.