Building near airport set for demolition

Building near airport set for demolitionA half finished building that was being constructed near Shenzhen International Airport was demolished after construction was suspended for almost 16 years. The building was occupying 40,000 square meters.

Construction on the 15 floor building was suspended in 1995 after one of the building’s two developers ran out of funds. The developer Fuyong Village made an agreement with a local company for help in developing the land where the building is located. However the company ran out of funding for the buildings construction thus suspending work.

The suspension of construction prompted the village lawyers to demand from the company to end their cooperation and reclaim the land. The company Shenzhen Jian’ancheng Investment Co. bought the land for 150 million yuan in 2005. The first development company also sued the village for breach of contract.

Even with the case filed against Shenzhen Jian’ancheng the Supreme People’s Court recognized their right to develop the land and the company will develop the land into commercial and residential properties.

Comments are closed

The Contributor

Follow me on twitter: TriaSasin

    Connect with Jasmin:
  1. - Email: Click here

Have Your Say!

What is the BEST investment over the next 5 years?

View Results

Loading ... Loading ...

  1. Etienne Ducrot: Hi, I’m interested to contact this Foundation. Do you know how? Thanks. Etienne
  2. Emma: Hi Jasmin, I’ve read your article about a new medical center opens in Nanshan at the end of this month....
  3. sherry lee: A simple story with great words…I love it.
  4. Evangeline: Awesome piece!
  5. Glenda: Hi there, I enjoy reading through your article post. I wanted to write a little comment to support you.