Daewoo aims for the heights in Puxi
South Korea's Daewoo Corp will construct a 400-metre-plus building in Shanghai's Xuhui district, which will be the tallest in the Puxi area of the city, Chinese officials say.
Wang Zhiqiang , assistant magistrate of Xuhui district and director of its construction committee, said the building would cost US$500 million.
The development, comprising hotel, office and retail and residential space, will be more than 80 storeys high.
The site is to the west of Hang Lung Development Co and Henderson Land Development Co's Grand Gateway project in Xujiahui, Xuhui district.
It covers 3.6 hectares and provides a gross floor area of 2.15 million square feet.
Xujiahui has emerged in the past two to three years as an important secondary city centre in Shanghai, with an increasing number of big department stores being built.
Mr Wang said the agreement with Daewoo was reached in April and demolition and clearing of the site was under way.
He said construction work would start at the end of this year or early next year and the development would be completed in about three or four years.
While Puxi's tallest building is being constructed by a Korean company, Pudong's tallest, across the Huangpu river, is being built by a Japanese firm.
Mori Building is constructing the 95-storey Shanghai World Financial Centre at a cost of 75 billion yen (about HK$5.32 billion).
The building, to be the world's tallest upon completion at the start of the next century, is in Lujiazui Finance and Trade Zone.
