Forget the fake iPhone. China is about to knock off the tallest building in the world.

China plans on building a $1.3 billion luxury hotel modeled on the Burj Khalifa, according to Arabian Business.

Officials said yesterday they have already completed planning for the seven-star hotel, which will be situated near Beijing's Tianamen Square. No word yet on the planned completion date or total height.

If it is taller than the Burj Khalifa, China is stepping right into the skyscraper model of global recessions -- a theory recession follows construction of the world's tallest building. (Even if it isn't the tallest building, China's skyscraper boom shows a misallocation of capital that may lead to a crash).