Re­pur­chase set for dam­aged houses in Tian­jin

China Daily (Canada) - - NEWS CAPSULE -

Gov­ern­ment in Tian­jin’s Bin­hai New Area said the re­pur­chase price for the dam­aged houses in the Tian­jin blasts will be 1.3 times higher than the mar­ket price be­fore the blast on Aug 11 or the price at which res­i­dents bought their homes,re­ported Bei­jing Times.

The re­pur­chase price pre­vi­ous re­ports by Xin­hua News Agency said that res­i­dents can sell their homes to an al­liance of prop­erty de­vel­op­ers or have the gov­ern­ment ren­o­vate them free of charge.

Xin­hua also said sev­eral State-owned prop­erty de­vel­op­ers in the north­ern Chi­nese port city hit by the mas­sive blasts said 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 death toll from the blasts stands at 162.

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