German city of Hamburg says Elbtower property owner is insolvent

DPA
·1 min read
A view of the top of the Elbtower construction site in Hafencity. The owner of the Elbtower property, Elbtower Immobilien, has filed for insolvency, the city of Hamburg said on Friday. The insolvency allows the city to assert its repurchase right and take over all planning and construction contracts, the city development authority said. Christian Charisius/dpa

The owner of the Elbtower property, Elbtower Immobilien, has filed for insolvency, the city of Hamburg said on Friday.

The insolvency allows the city to assert its repurchase right and take over all planning and construction contracts, the city development authority said.

The construction site came to a sudden halt at the end of October at a height of 100 metres because the contracted construction company's invoices had not been paid.

Once completed, the skyscraper located near of the HafenCity area is expected to be 245 metres high.