Construction work on the proposed 57-story Elbtower has come to a sudden stop after it has been reported in Reuters that the developer stopped making payments to the builder.
Signa, an Austrian property company known for owning New York's Chrysler Building, had been making consistent progress on the Elbtower in Hamburg. However, it was reported that Signa, has fallen behind on its payments to the construction firm, Lupp.
The pause in construction raises concerns about the future of the tower, which was expected to be valued at $1.38 billion USD (1.3 billion euros) and was projected for completion in 2026. City officials have issued warnings and show potential signs of the challenges facing the property sector in Europe's largest economy.
The property industry in Germany has been affected by a significant rise in interest rates and building costs.
Read more about this story at Reuters.