Unfinished building near airport to go
AN unfinished building near Shenzhen International Airport is finally being demolished after work was suspended for 16 years.
Occupying 40,000 square meters, work on the 15-floor building was suspended in 1995 when one of the building’s two developers ran out of money, Shenzhen Economic Daily reported.
One of the developers, Fuyong Village, reached an agreement with a local company to develop the land where the building was located. However, the company ran out of money and suspended construction in 1995, the paper said.
The village’s lawyers sent a letter to the company demanding an end to their cooperation and reclaiming the land.
The village had sold the land to Shenzhen Jian’ancheng Investment Co. for 150 million yuan (US$23 million) in 2005, the paper said.
The initial development company sued the village for breach of contract.
The Supreme People’s Court recognized the rights of Shenzhen Jian’ancheng Investment Co. to develop the land.
The company would develop commercial and residential properties, the paper said.
Three floors of the building were demolished at the weekend.
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