Shanghai -- Rumors that Shanghai is planning to build a 700-meter-high skyscraper were refuted Wednesday by Lujiazui Group, a leading real estate development company in the economic hub.

The height of the skyscraper - which will be the third landmark tower in the Lujiazui financial zone - and its architect, are yet to be decided, sources with the Lujiazui Group revealed.

According to a 1993 masterplan for the development of the Lujiazui financial zone, there will be three landmark skyscrapers in the area.

One of the landmark structures, Jinmao Tower, has been erected, and another, the Shanghai World Financial Tower, is being built.

At 420.5 meters high, Jinmao Tower ranks fourth in the world after the 508-meter-high Taipei 101 Tower (now the world's highest) in China's Taiwan Province, Petronas Tower 1&2 in Kuala Lumpur, and Sears Tower in Chicago.

The Shanghai World Financial Tower that is currently under construction will be 492 meters high and will have 104 storeys when completed.

The third skyscraper in Lujiazui financial zone will be adjacent to Jinmao Tower in the north and Shanghai World Financial Tower in the east, said sources with Lujiazui Group, who are responsible for the project.

The hunt for the project's architect is underway. Sources said that the candidates include two American architect firms, SOM and KPF, and the Southeastern Institute of Shanghai Modern Architectural Design Group.

Shanghai has more than 300 high-rises that reach more than 100 meters into the air.