LATEST: The sun broke through the clouds at the precise moment a woman was pulled alive from the Pyne Gould Corporation (PGC) building about 2.15pm today, but another 14 are still believed to be trapped in the rubble.
There are also grave fears that the Hotel Grand Chancellor building in downtown Christchurch may collapse, with the building visibly slumping.
The city was hit by a 6.3 magnitude earthquake yesterday, with 75 deaths confirmed.
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Rescuers had been working for about three hours to break through the rubble and concrete to get to the woman, whose name was Ann Bodkin.
They had heard her tapping through a wall and could just hear her through a wall, where she was trapped in a very confined space about halfway up the wreckage of the building.
She could see hands as rescuers reached into the space, although there were nervous moments shortly before she got out as the building shook in another of the numerous tremors.
Bodkin finally crawled out of the building on to a Fire Service ladder and was lowered down and lifted to the ground by firefighters. Her husband Graham Richardson was waiting.
Graham said it was just amazing "to have her back in his arms".
She was taken to hospital straight away to be checked out but apart from a sore shoulder appeared to be uninjured, he said, and was expected to be released tonight
When she was freed she was unable to say anything to him because she had an oxygen mask but giggled at what he said to her.
However, he would not divulge what he had told her.
Witnesses say the Hotel Grand Chancellor is almost warped and is believed to have sunk three metres in just 10 minutes this afternoon. Several internal floors have collapsed.
Police have cordoned off streets in a four-block radius around the 26-storey hotel.
The building on Cashel St is Christchurch's tallest hotel. No-one is believed to be in the building.
Meanwhile hopes that 15 people were still alive inside Christchurch's CTV building following yesterday's big quake have been dashed, leaving family members angry and upset.
Recovery efforts have now moved to the PGC building, where 14 staff, a group including workers from PGC as well as its subsidiaries Marac Finance and Perpetual Trust, remained unaccounted for.
PGC managing director Jeff Greenslade says the sight of the company's collapsed Christchurch office on Cambridge Terrace is "beyond words to describe".
"Remarkably the ground floor looks intact - the left hand side of the building all looks fine but everything above it has just concertinaed down.
"They're bringing people out quite regularly but it's a very painstaking and thorough process to make sure they're brought out safely, so it takes a while."
Late this morning Mayor Bob Parker and Prime Minister John Key confirmed at least 75 people were dead. They said 55 bodies had been identified and there were a further 20 unidentified bodies.
Parker said another 300 people were listed as missing, though not all of them would be trapped in buildings that were being searched for survivors.