Government wants To Buy Quake Damaged Buildings In Christchurch

27 June 2011 - Which Way To Pay

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Government wants To Buy Quake Damaged Buildings In Christchurch


The New Zealand government has made it clear that it wants to purchase thousands of the most badly damaged houses in Christchurch so that they can be demolished. Many buildings were ruined in the Christchurch earthquakes both in 2010 and earlier this year.

It is not just the buildings that have been damaged but the land they were built on too. It will not be possible to build on the land until it has settled again and that will take many years. The city is now being rebuilt, and those areas worst affected by the earthquake will be cleared and left.

Engineers who have been initiating the rebuilding of Christchurch have divided the city into four zones. The area designated the red zone will be largely bought by the government and rebuilt. Approximately 5,000 homes will be purchased.

10,000 homes in the orange zone need to undergo further investigation while 100,000 homes in the green zone have been given permission for a rebuild. 

The Prime Minister now wants to show the residents of Christchurch what is in store for their city. Estimates for the cost of the rebuild vary from NZ$15 billion to NZ$17 billion.

The earthquake has caused serious problems for the New Zealand economy. The nation has lost about 5.0% of its GDP, which has been a massive blow for the government.

However, there is still some optimism, the city is being rebuilt and tourists are returning. A new era has begun.  
  

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