Four unfinished high-rise buildings in a ‘ghost-town’ development have been torn down in east China, almost 10 years after the project was abandoned.
The blocks of flats – all between 28 and 30 storeys high – have lay vacant since 2009 after the developer ran out of money and halted the real estate project.
The Vistaria Bay project was intended to be a residential complex and had been constructed metres away from the sea in the port of Yantai, Shandong province in 2007.
Four unfinished high-rise buildings in a ‘ghost-town’ development have been torn down in Yantai city in Shandong province, almost 10 years after the project was abandoned
Construction was suspended in 2009 after the South Korean investor behind the project pulled out after losing money the global financial crisis, according to reports
However, construction was suspended in 2009 after the South Korean investor behind the project pulled out after the global financial crisis, according to National Business Daily.
Ownership was transferred to a mainland developer, but the development remained unfinished due to local doubts about the scheme.
The company reportedly tried to revive the project but failed.
Footage provided by residents living nearby show the buildings being brought down on Saturday with controlled explosives.
The towers crumbled and disappeared in just 15 seconds.
Witnesses said they could feel the ground trembling beneath them as thick smoke filled the air.
Concerns regarding the foundation of the buildings have been raised, with many people doubting whether the sand could hold the structure securely.
Footage provided by residents living nearby show the buildings being brought down on Saturday with controlled explosives. The towers crumbled and disappeared in just 15 seconds
The proximity to the sea could also bring strong winds and unstable weather, the report added, citing local residents.
The government sanctioned the levelling of the four high-rises recently after unidentified local buyer purchased the land rights for 174 million yuan (£20.5 million).
A five-star hotel along with an exhibition centre are now expected to be built on the site.
A check in the neighbouring real estate shows an average market price of 9,000 yuan/square metre (£1,057) to 11,000 yuan/square metre (£1,292), according to the report.
Work for the new hotel project is expected to begin immediately, according to the report.