Right now it's the Lantern Festival, the 15th day of the first month of the new year on the Chinese calendar, and quite inauspiciously, one of the most important landmarks of new Communist China and the message it's trying to portray – is this close to getting obliterated.
Probably not surprisingly, I can't find any news of this on local Chinese television (though some channels over here in Shanghai are mysteriously silent). Rather, I'm relying on blogs and Chinese twitter feeds for updates. [Shanghaiist]
The video shows the building burning from the first moments after the fire broke out.