The first model of the world's fastest elevator, developed by Japanese elevator giant Hitachi, will be used in a high-rising building in Guangzhou, the capital of Guangdong province, the company sources said.

The Japanese manufacturer announced during a elevator industry exhibition in Guangzhou that the recorded speed of the newfangled lift is 1,200 meters per minute.

The record-holder before Hitachi was an elevator installed in a high-rise in Taiwan that travels 1,010 meters per minute.

Hitachi's new elevator is set to be installed in 116-story, 530-meter Guangzhou CTF Financial Center, which opens its doors for business in Guangzhou in 2016.