{"id":26930,"date":"2023-12-08T19:49:38","date_gmt":"2023-12-08T19:49:38","guid":{"rendered":"https:\/\/belalcazar.org\/?p=26930"},"modified":"2023-12-08T19:49:38","modified_gmt":"2023-12-08T19:49:38","slug":"unfinished-814m-skyscraper-looming-over-german-city-mirrors-crumbling-economy","status":"publish","type":"post","link":"https:\/\/belalcazar.org\/world-news\/unfinished-814m-skyscraper-looming-over-german-city-mirrors-crumbling-economy\/","title":{"rendered":"Unfinished \u00a3814m skyscraper looming over German city mirrors crumbling economy"},"content":{"rendered":"<h3>Nigel Farage U.K.\u2019s GDP is outperforming those of France and Germany<\/h3>\n<p>Elbtower was designed to be the tallest building in Germany outside of Frankfurt, but a faltering economy in the country and trouble in the construction industry now means that the future landmark of Hamburg could be torn down before it is ever finished.<\/p>\n<p>Germany has become the world\u2019s worst-performing major economy, as panicked companies slash their investment plans in the country.<\/p>\n<p>The Elbtower, with a construction cost of nearly a billion euros (\u00a3814 million), was projected to open in 2026.<\/p>\n<p>However, Signa Holding, the real estate company in charge of the project, declared insolvency earlier this month.<\/p>\n<p>The state-of-the-art 254-metre-high skyscraper. designed by British architect David Chipperfield, would have included a 188-room NOBU hotel, restaurants, and 100,0000 square metres of shops.<\/p>\n<p> <strong> READ MORE: <\/strong> <strong>Germans are among the most unhappy in the European Union, according to new study<\/strong><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/78\/590x\/secondary\/GERMANY-5106488.jpg?r=1702062395162\"><\/p>\n<p>Signa Holding has blamed soaring construction prices and interest rates for the crisis, amid wider economic shocks impacting the German economy.<\/p>\n<p>Signa Holdingo is a symbol of \u201cthe emergency situation in the German real estate sector&#8221;, according to Frankfurter Allgemeine Zeitung.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/78\/590x\/secondary\/HAMBURG-5106489.jpg?r=1702062395230\"><\/p>\n<p> <strong> Don&#8217;t miss&#8230; <\/strong> <br \/> <strong>Watch moment shoppers dive for cover as car smashes into Boots store[VIDEO] <\/strong> <br \/> <strong>Should we wear face masks on public transport as 100-day cough cases rise?[VOTE] <\/strong> <br \/> <strong>Boris Johnson beaten by surprise candidate in poll on next Tory leader[POLL] <\/strong><\/p>\n<ul>\n<li> <svg width=\"24\" height=\"24\" viewbox=\"0 0 24 24\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"> <g clip-path=\"url(#clip0_1078_5986)\"> <\/path> <\/path> <\/g> <defs> <clippath> <rect width=\"23.4329\" height=\"23.4329\" fill=\"white\" transform=\"translate(0 0.134262)\"><\/rect> <\/clippath> <\/defs> <\/svg> Support fearless journalism<\/li>\n<li> <svg width=\"24\" height=\"24\" viewbox=\"0 0 24 24\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"> <g clip-path=\"url(#clip0_1078_5986)\"> <\/path> <\/path> <\/g> <defs> <clippath> <rect width=\"23.4329\" height=\"23.4329\" fill=\"white\" transform=\"translate(0 0.134262)\"><\/rect> <\/clippath> <\/defs> <\/svg> Read The Daily Express online, advert free<\/li>\n<li> <svg width=\"24\" height=\"24\" viewbox=\"0 0 24 24\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"> <g clip-path=\"url(#clip0_1078_5986)\"> <\/path> <\/path> <\/g> <defs> <clippath> <rect width=\"23.4329\" height=\"23.4329\" fill=\"white\" transform=\"translate(0 0.134262)\"><\/rect> <\/clippath> <\/defs> <\/svg> Get super-fast page loading<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cdn.images.express.co.uk\/img\/logo\/logo-premium-subscription.png\"><\/p>\n<p>The German newspaper pointed to the recent insolvencies of other well-known real estate companies, including Devello, based in Hamburg, and Centrum Holding, based in D\u00fcsseldorf.<\/p>\n<p>Vonovia, one of the large rental housing companies, also recently announced that it would stop building new houses.<\/p>\n<p>As construction grinds to a halt, the German Real Estate Federation (ZIA) estimates that in 2025 there will be 700,000 homes &#8220;missing from the market&#8221;.<\/p>\n<p>German GDP is estimated to shrink by 0.4 per cent this year, according to the latest forecasts.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/78\/590x\/secondary\/OLAF-SCHOLZ-5106491.jpg?r=1702062395342\"><\/p>\n<p>This comes after a landmark German constitutional court ruling left the Berlin government with a \u20ac60bn (\u00a351bn) hole in its budget.<\/p>\n<p>The court ruling blocked the transfer of unused funds from the pandemic to green investment.<\/p>\n<p>German Chancellor Olaf Scholz vowed Tuesday that his government will work \u201cas fast as possible\u201d to solve the crisis.<\/p>\n<p>VP Bank Chief Economist Thomas Gitzel warned that the government would likely have to enact austerity measures, which could further hurt economic growth<\/p>\n<p>A business survey of 100 German companies last month found that a third of them were planning to move their businesses abroad in the next year.<\/p>\n<p>Source: <a href=\"https:\/\/www.express.co.uk\/news\/world\/1843610\/Germany-economy-Hamburg-Elbtower-skyscraper\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigel Farage U.K.\u2019s GDP is outperforming those of France and Germany Elbtower was designed to be the tallest building in Germany outside of Frankfurt, but a faltering economy in the country and trouble in the construction industry now means that the future landmark of Hamburg could be torn down before it is ever finished. Germany [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Unfinished \u00a3814m skyscraper looming over German city mirrors crumbling economy - belalcazar.org<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/belalcazar.org\/world-news\/unfinished-814m-skyscraper-looming-over-german-city-mirrors-crumbling-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Unfinished \u00a3814m skyscraper looming over German city mirrors crumbling economy - belalcazar.org\" \/>\n<meta property=\"og:description\" content=\"Nigel Farage U.K.\u2019s GDP is outperforming those of France and Germany Elbtower was designed to be the tallest building in Germany outside of Frankfurt, but a faltering economy in the country and trouble in the construction industry now means that the future landmark of Hamburg could be torn down before it is ever finished. 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