Asia's Skyscrapers Hit Glass Ceiling

Ten years after the Asian crisis, booming markets are attracting capital back to the region. Along with strengthening financial systems, efforts to build modern roads, airports, power networks and skyscrapers are paying off.

Actually, make that record-breaking skyscrapers. While cities such as Shanghai, Taipei and Seoul vie to have the world's tallest tower, others like Tokyo are experiencing building booms like few in modern history — a new skyscraper seems to open each week in Japan.

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But swanky cities alone won't ensure a pivotal role in the global economy. It is equally important for market, legal and political frameworks to keep pace with the construction projects sprucing up wannabe financial capitals.

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Tokyo, for example, is way ahead of Asia's other major financial centres, Hong Kong, Singapore and Seoul, but it is bumping up against a glass ceiling of sorts: Poor corporate governance.

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"Japan is a world-class country with the second-biggest economy, and it should have a world-class financial ...

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600450 Asia's Skyscrapers Hit Glass Ceiling glassonweb.com

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