A fund of five billion yuan (780 million U.S. dollars) has been established by investors and real estate developers to repair and rebuild about 10,000 apartments damaged in the deadly Tianjin explosions last month.[Special coverage]
All the apartments have been appraised and homeowners have been offered compensation based on the severity of the damage, according to a statement issued on Monday by the housing management bureau of Binhai New Area, where the blasts occurred.
Owners who decide to have their homes repaired will get an average of 10,000 yuan. Those who decide to have their apartments rebuilt will receive around 10,000 yuan per square meter from the fund.
Four appraisal companies have been employed by the government. The appraised value will be compared with the contract value of the apartments, and the higher of the two will be used when real estate developers purchase these apartments, the bureau said.
An additional 30 percent of the value of the property will be provided to owners in compensation.
Owners who had expensive decorations can demand further appraisals if the average compensation fails to cover their losses.
Two blasts ripped through a warehouse at around 11:30 p.m. on Aug. 12 in Tianjin Port, where large amounts of toxic chemicals were stored. Over 160 people died.
