Work has finished on foundation of what will be a 121-floor skyscraper in Shanghai, the China News Service reported on Thursday.

The Shanghai Center will be 632 meters tall, making it China’s tallest building, dwarfing the 492 meter tall Shanghai World Financial Center and the 420 meter Shanghai Jin Mao Tower. It will be the world's third highest skyscraper.

The building will be completed in 2014 at a total estimated cost of 184 billion yuan ($27.1 billion).