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September 7, 2011

CITIC to break ground on skyscraper in Beijing

RLJ Lodging Trust has closed the sale of 205-room Embassy Suites Napa Valley in California for $102m.

By cms admin

CITIC Group is planning to break ground on a 510m-high office tower with 104 floors above ground and four basement levels in the central business district in Beijing, China, on 19 September 2011.

The company won the rights to the land in the district with a bid of 3.6bn yuan ($563m) in December 2010.

However, the final design for the new skyscraper, called Zhongguo Zun, hasn’t been decided yet, as the group is still waiting for the municipal government’s approval.

The inspiration for the current design came from an ancient ritual vessel and adopts many elements from traditional culture, such as the Kongming (floating paper) lamp.

The construction work of the skyscraper, which is expected to serve as an office building for CITIC, is expected to be complete within five to seven years.

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