Tianjin sets buyback price for apartments damaged by blasts

TIANJIN - The Tianjin government on Monday announced the price owners can expect for apartments damaged in last month's fatal explosions.

The buyback price for apartments in seven residential compounds, where more than 17,000 units were damaged by the Aug. 12 blasts, has been set between 10,582 yuan (1,661 US dollars) to 14,271 yuan per square meter, according to the Binhai New Area government.

Fangda Real Estate Appraisal Co., which was assigned by the government to assess the apartments, said the buyback price is higher than the market average before the blasts.

Residents can either sell their homes to an alliance of property developers or have the government renovate them free of charge.

For those who choose to sell their property, an addition 30 percent will be provided as compensation.

Two blasts tore through a warehouse that was storing large amounts of toxic chemicals at Tianjin Port late on Aug. 12.

In blasts a total of 165 people, including 99 firefighters and 11 police officers, were killed.