© kohn pedersen fox associates
The Ping An Finance Center, the world's fourth tallest building, rises above Shenzhen, which built more skyscrapers last year than the entire United States.
© kohn pedersen fox associates
The Ping An Finance Center rises 555 meters, or 1,821 feet.
©-Tim-Griffith
Designed by American firm KPF, the tower is home to Ping An Insurance, a pillar of Shenzhen's fast-growing financial services sector.
© kohn pedersen fox associates
The Ping An Finance Center towers over Shenzhen's densely-packed cityscape, which is largely sandwiched between mountains and the Hong Kong border.
courtesy Farrells
One of Shenzhen's newest central business districts is Qianhai, built on reclaimed land in the west of the city.
courtesy Farrells
The Qianhai Financial Center will be one of the newest landmarks in western Shenzhen.
courtesy Farrells
Currently under construction, the Qianhai Financial Center is one of several new towers in the new central business district being built in western Shenzhen.
courtesy Farrells
One Excellent, part of the new Qianhai central business district under construction in western Shenzhen.
courtesy Farrells
One Excellence is part of a complex of high-rises that are designed to accommodate new housing and offices in the western part of Shenzhen.
courtesy Farrells
Designed by Hong Kong-based British design firm TFP Farrells, One Excellence is the latest of Shenzhen's many new skyscrapers.
courtesy Farrells
Completed in 2005, the 193-meter-tall Noble Tower is one of the many workaday high-rises that have made Shenzhen a skyscraper city.
Jonathan Leijonhufvud / courtesy Farrells
Shenzhen's tallest skyscraper until the recent completion of the Ping An Financial Center, the 442-meter KK100, is located in an older part of the Shenzhen.
courtesy Farrells
The St. Regis Hotel inside KK100 -- one of several occupants of the mixed-use tower.
Jonathan Leijonhufvud / courtesy Farrells
Located in a former village, KK100 was part of a neighborhood-wide redevelopment project that included many smaller-scale buildings.

Editor’s Note: Christopher Dewolf is a Hong Kong based writer with a focus on architecture and urbanism. He is the author of “Borrowed Spaces: Life Between the Cracks of Modern Hong Kong.”

CNN  — 

It rises like a mirage as you pass the fallow fields and fish ponds of outer Hong Kong: a wall of skyscrapers shimmering in the distance. This is Shenzhen, which has grown from a small fishing village into a major financial and technology hub in less than 40 years.

Like many other cities in China, Shenzhen is crazy for skyscrapers.

Of the 128 buildings over 200 meters tall that were completed in the world last year, 70% were in China, according to the Council on Tall Buildings and Urban Habitat (CTBUH).

Shenzhen was responsible for 11 of them – more than the entire United States, and almost twice as many as any other Chinese city (Chongqing and Guangzhou tied for second place, alongside Goyang in South Korea, with six skyscrapers each).

Tall by design

The city’s relationship with high-rises goes back to 1980, when China’s reformist leader, Deng Xiaoping, declared that a swath of farmland along the Hong Kong border would become a so-called Special Economic Zone.

The decision meant that companies could operate with fewer of the restrictions of a planned economy – China’s first major experiment with free markets since the Communist revolution of 1949. Investors from Hong Kong – and beyond – rushed across the border to build factories and other businesses.

From the beginning, urban planners decided that it would be a city of skyscrapers. Shenzhen’s growing skyline is simply part of its DNA, according to University of Hong Kong architecture professor Juan Du, whose book, “The Making of Shenzhen: A Thousand Years in China’s Instant City,” will be published next year.

Opened in April 2017, the Lotte World Tower is Seoul's first supertall skyscraper, and is currently the fifth tallest building in the world.

Height: 555 meters (1819 feet)
Architect: Kohn Pedersen Fox Associates
image courtes of emaar / via aurecon group
A new mega-tall skyscraper aims to be the tallest in the world, upon completion in 2020. "The Tower" will be built on the Dubai Creek Harbor, a massive new tourism development. The Tower will eclipse the Dubai's Burj Khalifa -- currently the tallest building in the world.
Height: 928m (3,044ft)
Architect: Santiago Calatrava
image courtes of emaar / via aurecon group
The expected completion date for The Tower in Dubai is 2020.

Height: 928m (3,044ft)
Architect: Santiago Calatrava
image courtes of emaar / via aurecon group
The building will hold several observation decks in its oval-shaped peak. One deck will offer a 360-degree view of the city.

Height: 928m (3,044ft)
Architect: Santiago Calatrava
Jeddah Economic Company/Adrian Smith + Gordon Gill Architecture
A threat to The Tower's tallest tower ambitions is the Jeddah Tower in Saudi Arabia. This tower is currently under construction and due to top out at 1km at a cost of $1.23 billion.

Height: 3,280ft
Architect: Adrian Smith + Gordon Gill Architecture
istockphoto
Currently world's tallest building, since it was completed in 2010, is the Burj Khalifa. It stands a massive 198 meters (650 feet) above its nearest competitor.

Height: 828m (2717ft)
Floors: 163
Architect: Skidmore, Owings & Merrill
FAYEZ NURELDINE/AFP/AFP/Getty Images
Situated close to the Grand Mosque of the holy city of Mecca, the tower complex is one part of the $15 billion King Abdulaziz Endowment Project, seeking to modernize Mecca and accommodate the ever-growing number of pilgrims.

Height: 601m (1972ft)
Floors: 120
Architect: Dar Al-Handasah Architects
via SL Green Realty Corp
A new tall tower has broken ground in New York City. Named the One Vanderbilt Avenue tower, the building is designed by Kohn Pedersen Fox architects, and construction officially started today. At 1,401 feet tall, upon completion it will be the second tallest building in New York after the One World Trade Center.

Height: 427m (1,401ft)
Architect: Kohn Pedersen Fox
In February, a proposal for a mile-high tower in Tokyo was revealed.
Height: 1,600m (5,250ft)
Architect: Kohn Pefersen Fox Associates and Leslie E Robertson Associates
Kohn Pedersen Fox
The 1,600 meter tower is part of a future city concept named "Next Tokyo 2045," which envisions a floating mega-city in Tokyo Bay.

Height: 1,600m (5,250ft)
Architect: Kohn Pefersen Fox Associates and Leslie E Robertson Associates
DBOX
In December 2015, plans were unveiled for the 1 Undershaft -- a 300m tall building that could become the City of London's tallest building.
Height: 300m (984ft)
Floors: 73
Architect: Aroland Holdings
DBOX
1 Undershaft will sit across the river from London's tallest building, The Shard, which is 9.6 meters taller.

Height: 300m (984ft)
Floors: 73
Architect: Aroland Holdings
Courtesy CIM Group
432 Park Avenue, the tallest all-residential tower in the western hemisphere, opened its doors in December 2015, recently became the hundredth supertall building in the world.

Height: 425.5m (1396ft)
Floors: 85
Architect: Rafael Vinoly, SLCE Architects, LLP
Gensler
Completed in 2015, Asia's tallest building surpasses the Shanghai World Financial Center and the Jin Mao Tower in Shanghai's Pudong district. Estimated to cost $2.4 billion, its completion marked the end of a project in the financial district stretching back to 1993.

Height: 632m (2073ft)
Floors: 128
Architect: Jun Xia, Gensler
STAN HONDA/AFP/AFP/Getty Images
Known as the "Freedom Tower," One World Trade Center stands on part of the site previously occupied by the Twin Towers. It's the highest building in the western hemisphere, and cost $3.9 billion according to Forbes.

Height: 541.3m (1776 ft)
Floors: 94
Architect: Skidmore, Owings & Merrill
Taiwan Tourism
The first skyscraper to break the half-kilometer mark, the world's tallest building between March 2004 and March 2010 is also one of the greenest -- certified LEED platinum in 2011. Designed to withstand the elements, including typhoons, earthquakes and 216 km/h winds, Taipei 101 utilizes a 660-tonne mass damper ball suspended from the 92nd floor, which sways to offset the movement of the building.

Height: 508m (1667ft)
Floors: 101
Architect: C.Y. Lee & Partners
ChinaFotoPress/Getty Image
Construction of Shanghai's third supertall building took 11 years, but the skyscraper dubbed "The Bottle Opener" was met with critical praise and high-end residents when it completed in 2008, including the Park Hyatt Shanghai and offices for Ernst & Young, Morgan Stanley, and BNP Paribas.

Height: 492m (1614.17ft)
Floors: 101
Architect: Kohn Pederson Fox
ANTHONY WALLACE/AFP/AFP/Getty Images
Hong Kong's tallest building has 108 floors -- but walking around it, you'd get a different story. The city's tetraphobia -- the fear of the number four -- means floors with the number have been skipped, and the International Commerce Center is marketed as a 118-story skyscraper.

Height: 484m (1588ft)
Floors: 108
Architect: Kohn Pedersen Fox
Blackstation/courtesy gensler
Standing at 2,074 feet (632 meters) tall, the Shanghai Tower is the world's second tallest building.
Goh Seng Chong/Bloomberg via Getty Images
The joint eighth highest completed skyscraper is still the tallest twin towers in the world. Finished in 1996 and inaugurated in 1999, it's been the site of numerous hair-raising stunts. Felix Baumgartner set a then-BASE jump world record in 1999 by jumping off a window cleaning crane, and in 2009 Frenchman Alain Robert, known as "Spiderman," freeclimbed to the top of Tower Two without safety equipment -- and did so in under two hours.

Height: 451.9m (1483ft)
Floors: 88
Architect: Cesar Pelli
Sun Chen
The architects behind the Burj Khalifa are also responsible for the world's tenth tallest building. Skidmore, Owings & Merrill's Zifeng Tower in Nanjing completed in January 2010 and sits just above the Willis Tower (previously the Sears Tower) in the rankings, eclipsing the SOM-designed Chicago icon by a mere 7.9 meters (26 ft).

Height: 450m (1476ft)
Floors: 66
Architect: Skidmore, Owings & Merrill
Wong Tung & Partners
A hotel and office hybrid, this straightforward supertall building by Wong Tung & Partners in Hunan Province's booming capital city is expected to be completed by 2017.

Height: 452 metres (1,482 ft)
Architect: Wong Tung & Partners
E8xE8
The Suzhou IFS is two meters shy of the Changsha tower.
Height: 450 meters (1476 feet)
Architect: Kohn Pedersen Fox Associates
Pei Cobb Freed & Partners
The World One skyscraper in Mumbai will be as tall as the Willis Tower, the second tallest building in North America, and will be one of the world's tallest residential structures.

Height: 442 meters (1450 feet)
Architect: Pei Cobb Freed & Partners
DLN Architects
This design mimics and simplifies the neo-Gothic spires of an earlier skyscraper boom, à la the Woolworth and Empire State Buildings.
Height: 383 meters (1,257 ft)
Architect: Dennis Lau & Ng Chun Man Architects & Engineers
Kohn Pedersen Fox Associates
Kohn Pedersen Fox is back with this 90-story residential building. Zigzagging cuts in the curtain-wall break up the monotony of yet another boxy tower.

Height: 372 metres (1,220 ft)
Architect: Kohn Pedersen Fox

“In Shenzhen, (skyscrapers are) really linked to the image of the city,” she said over the phone. “Between the early 1980s and the early 90s, it had more tall buildings than any Chinese city.

“The term ‘Shenzhen speed’ was coined from the (time of) the construction of the city’s earliest skyscrapers. When Deng Xiaoping made his first visit to Shenzhen, he was really excited by the speed at which tall buildings were being built.”

Today, Shenzhen has evolved beyond its manufacturing roots to become a hub for service industries – especially technology and design. Often described as “China’s Silicon Valley,” the city is home to huge companies like Tencent (which itself built two skyscrapers) and a network of thousands of smaller firms.

But Shenzhen’s geography plays a part, too: the city center is located in a narrow strip between mountains and the Hong Kong border. A growing network of subway lines and a new high-speed rail connection to Hong Kong have made this strip even more desirable, pushing development up rather than out.

Cities in slowdown

Shenzhen appears to be showing no signs of slowing. In addition to a current crop of 49 buildings taller than 200 meters, a further 48 skyscrapers are under construction, according to CTBUH data.

© kohn pedersen fox associates

But as Shenzhen grows skywards, empty office space in other big cities has led market analysts to speculate that China is caught in a spiral of overbuilding. The office vacancy rate in Beijing, which stood at 8% at the end of 2016, is forecast to rise to 13% by the end of 2019, according to a report by property firm Colliers International. The report noted that “the growing office supply will still outstrip the growth in demand.”

In Shanghai, the country’s tallest building, the 632-meter Shanghai Tower, has sat largely empty since opening in 2015, with one of the project’s lead developers, Gu Jianping, admitting at an awards ceremony last year that “the biggest challenge facing China is how to build fewer skyscrapers.”

Across China, the race upwards has produced outsized landmarks (like Nanjing’s Zifeng Tower which is nearly twice the height of the city’s next-tallest building) in areas where there was not enough demand to justify construction. Entire new cities were built in places like Ordos, a dusty outpost in the Gobi Desert, which then sat empty for years. Tianjin built no fewer than three central business districts filled with skyscrapers – including one unashamedly modeled on Manhattan.

Some media reports have pointed to the so-called “Skyscraper Index,” an idea first proposed by economist Andrew Lawrence in 1999, which suggests that a surge of investment in skyscrapers is a harbinger of recession.

Bucking the trend

But rather than signaling a downturn, Shenzhen’s spate of new skyscrapers may simply reflect its booming economy. With the highest per capita GDP of any major city in China, Shenzhen is also experiencing soaring land prices.

© kohn pedersen fox associates

Last year, the city’s property market was named the mainland’s most expensive, with homes selling for an average of $6,500 per square meter, according to SouFun, which tracks house prices in 100 Chinese cities. There has been a similar trend in the office market, according to David Ji, the head of research for Greater China at property consultancy Knight Frank.

“Shenzhen has a lot of demand for Grade A office space, unlike some other mainland cities that just go for height to compete with each other,” he said over the phone.

And aside from the 600-meter Ping An Financial Centre, which became the world’s fourth tallest building when it opened last year, Ji said that “buildings built in Shenzhen tend not to be that tall relative to Shanghai or other cities.”

In other words, Shenzhen may be building plenty of skyscrapers, but most of them aren’t showstoppers.

Rather than tolerating vanity projects, urban planners encourage projects that fit in with the surrounding city, according to Hong Kong-based architect Stefan Krummeck. His firm, TFP Farrells, designed KK100, a 442-meter tower that is currently the second tallest in Shenzhen. Rather than an isolated landmark, the skyscraper is part of a former village that was redeveloped in conjunction with KK100.

“There’s always a bit of an ego trip involved in super high-rises, but in Shenzhen it’s more sustainable – the towers are reasonably modest,” he said over the phone. “There are only a few super-high-rise towers and they’re pretty well integrated into the urban fabric.

“To the best of my knowledge, the towers are full and the streets are lively. It works quite well.”