Apartment windows shattered by the blasts in Tianjin. (Photo : Reuters)
The local housing administration of Tianjin recently confirmed that the residents of the block apartments hit by the tragic blasts earlier in August can either sell their properties to an alliance of real estate developers or have the government renovate them for free.
After the Aug. 12 disaster at the northern Chinese port city, several state-owned property developers said that they created a group to purchase home from willing owners.
Property giant Vanke, the builder of one of the worst-hit blocks, is included in the alliance.
Tianjin's housing administration in Binhai New Area revealed on Sunday that the repurchase price of the real estate alliance will be higher than the market price before the blast. The value can also equate to the price at which the residents bought their homes.
Additionally, homeowners can receive compensation apart from the money they will get from selling their apartments.
Owners whose apartments are yet to be delivered by developers can have their homes returned and resettlement allowance received, the housing administration further shared.
The market price of the properties before the blast will be determined by an independent third party. It will also examine and assign the value of damaged goods at the damaged properties, upon the consent and agreement of both the local housing administration and the homeowners.
The Tianjin warehouse explosion tragedy listed at least 150 persons in its death toll, with 23 is still missing.
Meanwhile, Chinese local governments have also submitted their plans to upgrade or relocate nearly 1,000 chemical plants in the wake of the massive blasts.
