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2003-02-13 Reported by Thomas Jaehndel

News: Shanghai World Financial Center resumes construction

Shanghai: A grand ceremony earlier today marked the resumption of construction of what will be one of the tallest buildings in the world. The Shanghai World Financial Center (SWFC) will be 492 meters tall and contain 97 floors of office space, hotel rooms and sightseeing areas as was stated in an official press conference today by the building's developer, Japan's Mori Building Corporation.

Construction of the SWFC started in August 1997 but was put on hold one year later when an enormous glut of office space hit the city's property market. Since most of this space is now being absorbed the developer is confident that the building will be a commercial success when opened on October 1st, 2007.

Industry insiders in Shanghai believe that SWFC's final height might even exceed 500 meters, a rumour Mori declined to comment on. Another contender for the title of the tallest building in the world, Taipei 101 in Taiwan's capital will be 508 meters tall.