Repurchase set for damaged houses in Tianjin
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.