356m tall skyscraper shakes violently again on May 27th, China real estate bubble

On May 27th at about 6 pm, the 356-meter-high Shenzhen SEG Plaza shook violently yet again, marking the fifth time since May 18th that the building has shook. The magnitude of the shaking was larger this time and clearly visible to the naked eye, gathering a large crowd of onlookers.

On that day, people saw that cranes were installed on the top of SEG Plaza, and a lot of materials were piled up on the ground, which looked like they were going to be lifted onto the building. In addition, there were two people on the antenna of the building, although it’s not sure whether they were performing maintenance or monitoring.

The night of the 27th, monitoring personnel worked throughout the night, and even the owners of SEG Plaza were asked to go upstairs and cooperate.

A netizen posted a video showing workers breaking open the interior walls to inspect the welds on the 28th. Monitoring activities continued on the 29th.

Official report said that on May 29th, the three indicators of building settlement, tilt rate and acceleration were all above the standard code requirements. Currently, monitoring, testing and investigation work are still ongoing. Since the initial shaking of SEG Plaza on May 18th, whenever the official daily report of the three indicators were released, it always says they’re doing better than standard code requirements. The public began to question whether the officials were purposely hiding the truth.

Currently, SEG Plaza is still closed. Merchants have closed for business, and police tape has been put up all around the building.

In the current debate on the cause and response of SEG Plaza’s shaking incident, the price of the SEG Plaza’s office space has dropped significantly.

The closure of SEG Plaza has triggered anxiety among the building owners, merchants, tenants, and even the people working in the building next door, since they are worried about the possibility of the 300m giant falling on top of them.

With the fermentation of SEG Plaza’s shaking incident, some people have started to re-consider China’s tendency to construct super-tall skyscrapers.

Industry insiders have concluded that high-rise buildings are a waste of social resources.

So why are so many high-rise buildings constructed in China? The driving force behind it is precisely the Chinese government.

SEG Plaza is a microcosm of China's real estate industry. Then, is the shaking of SEG Plaza a sign of the dangers to come for China's real estate industry?
#China#SEGPlaza#SkyscraperShaking#ChinaRealEstate#LandAuction
All rights reserved.