Tianjin details compensation for blast-hit apartments

Residents 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 northern Chinese port city hit by the massive blasts on August 12 said recently that they had formed the alliance to buy homes from willing owners. The group includes property giant Vanke, the builder of one of the worst-hit blocks.

The housing administration in Tianjin's Binhai New Area said on Sunday that the alliance's repurchase price will be the higher of 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 be assigned to determine the market price of these homes before the blast and the value of damaged goods at these apartments at the consent from both the homeowner and the housing administration.

The death toll from the blasts stands at 150, with 23 still missing.

Source: XINHUA