China restricts smaller cities from building 'super high-rise buildings'
October 28, 2021, 3:32 am

China restricts smaller cities from building 'super high-rise buildings'

China-Shanghai-Skyscrapers/Pixabay

The BBC reported, China has restricted smaller cities in the country from building "super high-rise buildings", as part of a larger bid to crackdown on vanity projects.

It said that cities with populations of less than three million people will be restricted from building skyscrapers taller than 150 metres (492 ft).

It added that those with populations larger than that will be restricted from buildings taller than 250 metres.

There is already an existing ban on buildings taller than 500 metres.

China is home to some of the world's highest buildings - including the 632m Shanghai Tower and the 599.1m Ping An Finance Centre in Shenzhen.

Local reports say that while skyscrapers may be needed in crowded cities like Shanghai and Shenzhen, there is no shortage of land in other cities, adding that those had been built mostly for vanity reasons.

Earlier this year, hundreds of people were showing fleeing when a 350 metre landmark skyscraper - the SEG Plaza in the city of Shenzhen - began swaying.

China has increasingly been cracking down on costly vanity projects, criticising local developers obsession with constructing eye-catching buildings.

Earlier this year the country issued a ban on "ugly architecture".

"We're in a stage where people are too impetuous and anxious to produce something that can actually go down in history," Zhang Shangwu, deputy head of Tongji University's College of Architecture and Urban Planning had earlier told the South China Morning Post.

"Every building aims to be a landmark, and the developers and city planners try to achieve this goal by going extreme in novelty and strangeness."

In a joint statement issued on Tuesday, the Ministry of Housing and Urban-Rural development and the Ministry of Emergency Management clarified that special exemptions would have to be sought if a city with an urban population of less than three million wanted to build a skyscraper higher than 150 metres.

However, they would not under any circumstances be able to build a building higher than 250 metres.

Similarly, cities with an urban population of over three million could under certain circumstances apply to build a skyscraper taller than 250 metres, but with a hard ban on buildings over 500m.

Those who approve projects that violate these new rules will held to "lifelong accountability" the statement added.

The announcement was mostly met with approval on Chinese social media site Weibo, with many stating that the super-high skyscrapers were "not needed... they're just gimmicky".

Source: BBC

US police say criminal charges may still be filed in Alec Baldwin shooting World Bank suspends its aid to Sudan as military seized power

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.