Shanghai World Financial Center, the tallest office tower on the Chinese mainland, has slashed its rental price by half in an effort to retain its tenants amid the global financial crisis and gloomy property market.

Shanghai-based Oriental Morning Post reported that the present transaction price of the office space at Shanghai World Financial Center is as low as 10 yuan per square meter a day, half the price in August.

Photo taken on Aug. 26, 2008 shows a view of the Shanghai World Financial Center in Shanghai, east China. The 101-storey, 492-meter-tall building will be opened to the public on Aug. 30. [Xinhua]

The 101-storey, 492-metre skyscaper is just one of many office buildings affected by the worldwide financial crisis, who found their tenants either leaving in seek of cheaper places or demanding cuts in rent.

Property owners of office buildings in Shanghai felt mounting pressure brought by excessive supply and dwindling market demand, as a great many multinational Companies have slowed down their expansion program to cope with financial woes.

The highrise, which usurps its nearby 421-meter Jinmao Tower as the tallest on the Chinese mainland, now only has an occupancy rate of around 50 percent.

The rental of the Shanghai World Financial Center, which houses 70 floors of office space, had been initially set at 20 RMB per square meter a day, setting up the highest rent record in Shanghai.

(CRI December 10, 2008)