Five state-owned property developers in the northern Chinese port city of Tianjin announced on Tuesday they have formed an alliance to purchase apartments hit by the deadly warehouse blast on August 12 from willing residents.[Special coverage]
The five developers -- Tianjin Real Estate Group Co., Ltd, Teda Investment Holding Co., Ltd,, Tianjin Hi-tech Holding Group Co., Ltd, Tianjin T&B Holding Co., Ltd and Tianjin residential construction development group Co., Ltd., -- announced the program to buy blast-hit apartments from willing residents and re-sell them in the market after renovation.
Other state-owned firms also consider joining the purchase program, a statement from the alliance said.
The blast has so far killed 135 people and its powerful shockwaves have also wreaked havoc on residential buildings 500 to 600 meters away from the blast site.
Di Da, chairman of Tianjin Real Estate Group, told Xinhua that the alliance is still working out details on the purchase program but added that the local government will evaluate damage and set the purchase price in a way that "does not hurt residents' interest".
Di also said apartments bought from willing sellers will be renovated along with a overhaul of the residential complexes' surrounding environment.
"The surrounding area of these blast-hit apartment complexes will be revamped with greenery to improve living conditions. There will also be no storage yard, no chemicals at the blast site once it's all covered in green," Di said.
