Authorities agree sale of damaged homes
Print Edition
OWNERS of apartment blocks damaged in the Tianjin warehouse explosions can sell their homes to an alliance of property developers or have the government renovate them free of charge, the local housing administration has confirmed.
Several state-owned property developers in the port city have formed the alliance to buy homes from willing owners. The group includes property giant Vanke, builder of one of the worst-hit blocks.
The Binhai housing administration said yesterday the alliance’s repurchase price will be higher than the market price before the blast or the price at which residents bought their homes.
Homeowners can also get compensation on top of the money they receive from selling the apartments. Those with apartments yet to be delivered by developers can ask to return their homes and be compensated with a resettlement allowance, the administration said.
An independent third party agency will determine the market price before the blast and the value of damage at these apartments at the consent of both the homeowner and the housing administration.
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