The Shanghai Tower (R) stands next to Shanghai Global Financial Hub (C) and Jin Mao Tower in the Lujiazui area of Pudong district in Shanghai on July 30, 2013.Getty

Work on the main structure of the world's second tallest skyscraper was completed on Saturday, as the final beam was placed on the Shanghai Tower for the building's 'topping out' ceremony.

A crane placed the steel beam 580 meters (1,900 feet) above the ground in Shanghai, China's commercial hub, as the building formally overtook Taiwan's 509 meter tall Taipei 101 building to become the highest tower in Asia.

Here are some views of the world's second-tallest skyscraper and Shanghai's new skyline.

PHOTOS: World's Tallest Buildings

Construction workers prepare the final steel beam to be put in place in a ceremony for the topping out of the Shanghai Tower in Shanghai on Aug. 3, 2013.Getty

Globally the Shanghai Tower is second only to the Burj Khalifa in Dubai, which stands at 830 meters. The tower, which costs an estimated $14.8 billion yuan ($2.4 billion), will reach over 630 meters when it is finally finished.

"It's a landmark and it will change the skyline of Shanghai," Xia Jun, of 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.

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

The structure stands alongside China's previous tallest building, the 492 meter Shanghai World Financial Center -- and is due to open next year, by which time it may have been surpassed as the tallest building in China.

ANALYSIS: World's Tallest Building, Built In 90 Days?

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.Corbis

Chinese firm Broad Group have announced plans to construct an 838 meter tower in the central Chinese city of Changsha, which they say will be completed in April.

But reports in state-run media late last month said construction on the tower had been called off, because the building had not gained full local government approval.

The Broad Group called the reports inaccurate and said they had not been asked to halt construction in a statement sent to AFP this week.

Visitors look at the Shanghai Tower in Shanghai on Aug. 3, 2013.Getty

Work on the Shanghai tower began in 2008, and its construction was partially backed by Shanghai's city government.

BIG PIC: World's Tallest Tower Opens in Dubai

A visitor takes pictures of the skyline with the Shanghai Tower (tallest) standing next to the Shanghai Global Financial Hub (2nd tallest) in the Lujiazui area of Pudong district in Shanghai on July 30, 2013. Getty

Concerns were raised last year when long cracks began to appear in the ground close to the building, prompting fears that ground around the tower was subsiding.

But Ding Jiemin, an architect who collaborated on the tower's design, played down fears on Saturday.

Boats sail along the Huangpu River pass by the Lujiazui Financial District with the Shanghai Tower under construction in July 2013.Corbis

"These problems were just during construction period, it will not affect the security of the architecture," he said.

China is home to three of the world's 10 tallest buildings, according to research group Emporis -- which did not count the Shanghai Tower.

A view of Shanghai's skyscrapers Oriental Pearl Tower, Shanghai Tower (under construction), Jin Mao Tower and the Shanghai World Financial Center are seen during a hazy day in the Shanghai financial district May 12, 2013.Corbis

The Shanghai Tower's final beam was decorated with red ribbons and flags, and carried a banner which read: "Team of hoisting heroes".