Towering statement from rich little city

The Life: The once-tiny village of Huaxi in China now has one of the world's tallest buildings.

The Hanging Village of Huaxi, a 74-storey tower, consists of three linked structures with a giant glass sphere on the top. Reuters

Q&A: Communism with bling

What's so different about the Huaxi tower? The location may be the biggest feature. China has many tall towers in its big cities. But Huaxi is hardly on the A-list of cities.

What's happening with China's property market? It's still booming in most areas. Over the past few years it's been the fastest growing market in the world, by most estimates.

Isn't it slowing? There are many signs that the market is starting to slow, especially in Beijing and the other big cities. The government has been taking steps to dampen the market, limiting the number of homes individuals can buy and restricting foreign investors.

The city known as the "richest village in China" now has a monument to its success.

A 328-metre-tall tower that opened last week in Huaxi stands 14 metres above the planned height of the Shard under construction in London, which will be the tallest building in western Europe.

Known as the Hanging Village of Huaxi, the 74-storey tower consists of three linked structures with a giant glass sphere on the top.

The complex would stand out even among China's tall buildings, but the location gives it extra significance.

Fifty years ago, there were only 576 official residents of Huaxi, which was little more than a dot on the map. But Huaxi developed as a steel and textile manufacturing centre and a symbol of China's rapid expansion.

As the city grew, the residents became unusually wealthy by Chinese standards. Today, each of the original families of Huaxi typically owns a house, a car and has more than US$250,000 (Dh918,000).

Construction of the tower began in 2008, when it was described as a symbol of "socialism in the sky".

Today, the 3 billion-yuan (Dh1.72bn) complex would appear more to be a symbol of old-fashioned capitalist decadence.

The reception area is adorned with gold leaf, and a 1-tonne, golden ox greets visitors to the 60th floor. The roof level features a revolving restaurant, swimming pool and gardens.

There are more than 800 suites in the tower, which will primarily be a hotel, including what is described as one of the largest banquet halls in China. The tower is a "tacky but impressive reminder of how far the village has come since the Mao [Zedong] era," Jonathan Watts wrote in The Guardian on October 6.

"Even for those used to the speed and scale of change in China, this is astonishing," wrote Mr Watts, who last visited the city in 2005.

Wu Renbao, a businessman who helped build the tower, told Mr Watts he was inspired by the tall towers of Dubai, but carefully chose the height.

Top 5: Tallest buildings in the world

1 Burj Khalifa, Dubai – 828 metres

2 Taipei 101, Taipei – 508 metres

3 Shanghai World Center, Shanghai – 492 metres

4 International Commerce Centre, Hong Kong – 484 metres

5 Petronas Towers, Kuala Lumpur – 452 metres

Source: Council on Tall Buildings and Urban Habitat

"Why 328 metres? Because that is as tall as the highest building in Beijing," he said.

The Quote: I believe that if you treat China as an enemy, then it is likely to become one. - Peter Mandelson, British politician