Tianjin government to buy homes damaged in warehouse explosion

World Today

The Tianjin government will purchase homes that were damaged in last month’s massive warehouse explosions at a rate of 1.3 times the home prices.

READ MORE ABOUT THE TIANJIN EXPLOSION

A Xinhua report said that a third-party appraisal firm has started to assess market prices for the homes, setting the valuation date at August 11 — a day before the deadly explosions took place.

The government will pay each homeowner 1.3 times the assessed price or the contract price, depending on whatever is higher.

The homes are believed to be uninhabitable due to uncertain amounts of toxic residue remaining from the explosion.