The 128-story Shanghai Tower, also known as the “Pride of China”, is the tallest building in the China, and the second tallest building in the world. It was completed in March 2016.
Recently, the skyscraper had a serious water leak problem that affected 51 floors, causing a mess for tenants. According to the building manager, it was due to equipment failure on the 60th floor.
A report from Chinese media stated that, Shanghai’s municipal government spent 14.8 billion yuan ($2.11 billion USD) on this mega project, but the structure was designed to last for only 50 years.
According to several media reports, low occupancy rates had been a serious problem. By 2018, only 30% of the building was rented to domestic companies while international companies were reluctant to sign a lease.
With operating losses soaring, the tower accumulated $1.5 billion in debt.

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