(Photo : The Shanghai Tower is seen prior to the topping off ceremony in Shanghai, China, on Saturday, Aug 3, 2013. -- PHOTO: AP)

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Last Saturday, a topping-out ceremony was celebrated last Saturday of the second tallest skyscraper in the world in Shanghai's financial hub. A flag waving ritual was held as well.

The Shanghai Tower holds the record of being the world's second tallest building.The building is 632 meters and is only surpassed by Dubai's Burj Khalifa which is 829.8 meters in height.

After the ceremony,the workers will work on the interior construction of the building. The Shanghai Tower will be leasing the spaces to retailers and companies. It will have a luxury hotel and most likely a museum.

Wu Weiming, who helped install the last beam said "I'm very proud" .

(Photo : A general view from the top of the under construction Shanghai Tower shows the 492m Shanghai World Financial Center (R), the 421m Jin Mao Tower (C) and the 468m Oriental Pearl Tower (L) in Shanghai on Aug. 2, 2013. )

Building frenzy

The building was designed by the U.S. architectural firm Gensler. The glass and steel building is transparent and spiral.

"It's a landmark and it will change the skyline of Shanghai," Mr Xia Jun from Gensler, the US firm which designed the tower, told a press conference on Saturday following a "topping out" ceremony.  "I don't think the importance of an architecture lies entirely in its height," he added.

The estimated cost of the Shanghai Tower is $14.8 billion yuan.Work on the Shanghai tower began in 2008, and its construction was partially backed by Shanghai's city government.