Skyscraper in China
China has become one of the fastest growing economies in the world (Lee et al, 2012). This trend is expected to rise higher (Wong, 2013), and will boost property letting business in the near future. Consequently, this will lead to high competition for business premises and this has prompted developers proposal to build skyscraper to help solve this economically oriented problem. Land supply on the other hand poses a major blow to this proposal owing to the fact that market-oriented land, which is used for commercial purposes, transfer may take a sizeable amount of time for the transaction to complete (Zhang, 2008). While there are several challenges revolving around this proposal, it is important to highlight some of the advantages that such a project will attract.
To begin with, the increase in demand for letting in China provides opportunities to invest and improve the living standard of people (Pheny & Wong, 2011). As a result, the skyscraper project will benefit the locals who will get opportunities to do business from the construction up to the time the building will be occupied. Secondly, the number of businesses and families that will be housed in the building is surmountable, and this can be interpreted to mean that livelihoods would be improved. In addition, it will save time and energy to centralize business in one area. This will lead to increase in growth rate of the economy to investors and government as well.
On the contrary, this proposal will attract copious challenges including the displacement of people (Ding & Lichtenberg, 2011). This will not only affect the developer but also the central government of China and therefore, a solution must be found before the consent is given. The other problem that such project will attract is the harmonization of the activities in the building as well as the security problems. It will call for adequate planning and an oversight of how business will be conducted in the skyscraper.
References
Ding, C. &. (2011). Land and Urban Economic growth in China. Journal of Regional Science , 299-317.
Lee, B. e. (2012). Regional economic disparity, financial disparity, and national economic growth: evidence from China. Review of Development Economics , 342-358.
Pheny, M. &. (2011). Recent development of real Estate tax on residential properties in China. International Tax Journal , 51-59.
Wong, J. (2013). Commentary: A China-centric economic order in East Asia. Asia Pacific Business review , 286-296.
Zhang, H. (2008). Effects of Urban Land Supply Policy on real Estate in China: An Econometric Analysis. Journal of Real Estate Literature , 55-72.
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