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Govt center in the air weighs on rebuilding

(China Daily)
Updated: 2008-07-22 17:39

Similarly, many Chengdu residents doubt if the complex, strictly designed for office use, can be sold.

The land on which it is built costs more than 1.3 billion yuan alone.

The buildings cost more than 2.5 billion yuan, after the price of its land and requisite investment is taken into account.

"That is to say, one square meter of building space in the center, which has 370,000 sq m of building space, costs about 6,700 yuan, about the same price of commercial homes located around the center," said Chen Qun, deputy headmistress of a Chengdu primary school.

There are also many big trees in the complex that are said to pose as obstacles to its sale.

A gingko tree in the area, for instance, can be worth more than 10,000 yuan.

It is difficult to find a company that will find the center suitable, much less one that can afford to buy such a large center with so many valuable trees, Chen said.

And like many real estate developers building houses near the center, many employees of the CPC Chengdu municipal committee and the municipal government fear that the houses they have bought near the center will depreciate due to its sale.

The price of houses near the complex has more than tripled from four years ago.

Many expected the price to rise further with all the departments moving to the site.

"But with the city's political center moving from the southern suburbs back to the city center 15 km away, price hikes of property in the southern suburbs will surely be curbed," said Fu Wenrong, an official with the city's information office.

Wang Lilin, an official with Fu's office, told China Daily that their move back to the city is also expected to start next month, after the walls of their old office in the compound of the CPC Chengdu municipal committee are given a facelift.

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