The 88-storey Jin Mao Tower has been the city's tallest building since it was completed in 1998. It no longer holds that crown.

The Shanghai World Financial Center, now under construction in Pudong, yesterday hit a height of 423.8 meters, or 94 stories, and now overlooks the 420.5-meter Jin Mao Tower a block away.

The center, a 101-storey building with a final height of 492 meters, is expected to be roofed in September and completed in the spring of 2008.

The landmark building will include commercial and convention facilities in the lower floors and office space from the 7th to 77th floor.

A Park Hyatt hotel, more luxurious than the Grand Hyatt in Jin Mao Tower, will occupy the 79th to the 93rd floor.

Constructed by Japan's Mori Building, the tallest structure in China also claims to have the highest rent in Shanghai, at $3.3 per square meter per day.

It was reported that Mizuho Corporate Bank of Japan will become its first tenant.

The Shanghai World Financial Tower is the third project built by Mori on the Chinese mainland. The other two are the Senmao Building in Dalian and Senmao Building (since renamed HSBC Tower) in Pudong.

Construction of the Shanghai World Financial Tower began in 1997 and was halted during the Asian financial crisis. The project resumed in 2003 when Mori decided to increase the building height from the original 94 stories and 460 meters to the current 101 storeies and 492 meters.

Analysts say the current name is confusing because just a stone's throw away from where Hong Kong's Sun Hung Kai Properties is building the International Financial Center, to be completed by 2010.

According to a report released by CB Richard Ellis last week, Pudong ranks 38th in the world in terms of office space price. The average annual rent per square foot in Pudong is $51.98. Last year, the price of A-class office space climbed 13.2 percent.

The top two most expensive places to rent office space in the world are London and Tokyo, with Hong Kong in 10th spot.