Results tagged “shanghaimeidurealestate”

It's been over a month since the infamous Minhang building collapse and construction crews are finally coming in to clean up the site. Yesterday around noon, six bulldozers drove into the Lotus Riverside apartment complex to begin the removal work, according to Shanghai Daily.

Shanghai Daily has been covering the crap out of the Minhang building collapse story (and good for them - it gives us something to blog about). Not only did Shanghai Meidu's construction company ignore "obvious warnings" of impending danger by piling up tons of soil next to the riverbank (a mistake experts are calling the antithesis of using common sense), it also ignored actual vocal warnings from supervisors at the site. Meanwhile, the possibility of graft being involved somewhere is still high. Minhang district authorities will be investigating whether several government officials had owning stakes in Shanghai Meidu. That would explain how the real estate company managed to get the land for one-third the price of plots bought in the same area.

Perhaps of no surprise, an official website has revealed that the land of the now infamous toppled Minhang building was sold at a severe discount. The official Shanghai Real Estate Appraisers Association website found that Shanghai Meidu Real Estate Co. had paid only 46 million RMB for 42,342 square meters of land - roughly 604RMB per square meter. The average price for apartments in the collapsed building was 14,297RMB per square meter. Most interestingly, it seems that bidding for the land was only open to select companies and Shanghai Meidu had gotten a temporary license specifically to participate. It makes us wonder what other weird happenings and hidden going ons were buried under those collapsed foundations. Source: Shanghai Daily

Following the collapse of the 13-floor unfinished building in Minhang, over 250 home owners have demanded refunds or compensation from the developers of the "Lotus Riverside" compound. While the government sorts out what type of compensation the angry homeowners should get, it has stopped the developer, Shanghai Meidu Real Estate, from selling anymore of its 629 homes and taken "appropriate control measures" against nine people. The tower toppled over on Saturday morning, killing one worker who had gone in to fetch his tools. 132 households were evacuated shortly after the collapse. They returned to "Lotus Riverside" on Sunday night after their homes were confirmed safe. Source: Xinhua