Mori acquired the land in the Lujiazui financial center district in 1994. Piling work began in 1997, and for six years, work was halted. The Asian financial crisis wiped out demand for new office space. By 2003 the project was revived, and Mori received approval from the Shanghai authorities to expand its size.
The tower is supported by a conference center and shopping mall. It will have at least 70 floors of office space to accommodate 12,000 people, with hotels, restaurants, and an observatory at the very top.
Besides the Asian financial crisis, there have been other potential roadblocks along the way. A few weeks ago, a fire broke out in an elevator shaft on the 40th floor of the building. There were no fatalities, and it was extinguished in less than two hours. After September 11, 2001, the building had to be redesigned. It was built into a mega structure with four large pillars to make it stronger.
The rectangular shape at the top also wasn't a "first thought." It was first a circular cutout at the top. Mori received complaints that it resembled the rising sun on Japan's flag, a symbol abused verbally by many Chinese people because of Japan's reportedly brutal occupation of the country during World War II. Mori obliged and without hesitation had it changed to a rectangle. He said that it didn't cause any significant delays, so they were happy to do it.
There were also related political protests that sometimes turned violent. These were mostly anti-Japanese protests that took place in Shanghai and other Chinese cities in 2005. According to Mori, "Construction never halted because of the protests or any other political problems." He also said, "We were never bullied because we were Japanese. This is everyone's landmark, which belongs to the Shanghainese and will be the pride of Shanghai."
Mori believes that with China's economy growing by nearly 12% per year and stock and real estate prices soaring, this is the best time for the tower's completion. Mori Building Company believes that occupancy in the new building will be at 90% by the end of 2008. He also said that rent would be more than $3 per square meter per day, which is higher than they initially expected. And since their forecast profitability is higher, they expect to recoup their investment within 15 years.
