Ground has been broken in Wuhan, capital of Hubei province, for what will become the world’s third tallest building. The 606-metre-high structure is being developed by Shanghai-based Greenland Group and will contain with high-end hotels, a conference centre and serviced apartments. Costing Rmb30bn, the building will take five years to construct.

Greenland has properties in 41 cities across China and its revenues in the first 11 months of 2010 exceeded Rmb110bn. “Wuhan is a very important city in central China,” explained the company’s chairman and president, Zhang Yuliang. “It's transiting from a regional centre to an international city. It has a huge market potential, and it’s necessary to construct a landmark building here.”

The new building will be considerably higher than the 492-metre World Financial Center in Shanghai, currently the tallest tower in China. However, it will be shorter than the 632-metre Shanghai Tower, which is scheduled for completion in 2014, and the Burj Khalifa in Dubai, the world’s tallest tower at 828 metres.