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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 386.01+1.6%Nov 12 4:00 PM EST

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To: TobagoJack who wrote (51876)7/2/2009 12:00:55 AM
From: TobagoJack  Read Replies (1) of 217735
 
as mentioned elsewhere, the episode is proving to generate much fruits, all constructive

scmp.com

Party linked to toppled building


Will Clem, Anna Zhang and Lilian Zhang in Shanghai
Jul 02, 2009

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Local government officials had been confirmed as major stakeholders in the property company behind the nearly completed apartment building that collapsed in Shanghai last weekend, state media reported.
The news yesterday added political intrigue to a case that has already shocked local residents and fuelled suspicions of government collusion.



Also, an architectural professional linked to the team investigating the toppling of the 13-storey building blamed the construction company for "reckless", "unbelievable and silly" errors that led to the accident.

Wu Hang , director of business and administration at Jiang Architects & Engineers Company, said the accident was partly due to the fact that there were no supporting structures around excavations for an underground car park next to the ill-fated building - something that should have been "common sense".

Mr Wu is an assistant to Jiang Huancheng , one of the 12-strong team of architects investigating the accident. The official results of that inquiry are expected to be made public tomorrow.

A worker died when the building in Minhang district, southeast of the city, tipped over on its foundations at about 5.30am on Saturday.

The bank accounts of the Shanghai Meidu Property Development Company have been frozen as hundreds of flat owners in that building and 10 other towers in the development are demanding refunds.

Local media reported on Monday that a number of Meidu's major shareholders had exactly the same names as local Communist Party officials, including Que Jingde , who holds the second-largest stake.

Mr Que, who holds 15 per cent of Meidu, is also assistant to the party secretary in Meilong town, China News Service confirmed yesterday.

However, authorities in Minhang district - where the collapse occurred - said last night that the allegations were being investigated.

Meidu was a state-owned company run by Meilong town before being privatised in 2001.

The local media has also alleged that the land price Meidu paid was less than one-third of the market rate for the Lotus Riverside plot, where the collapse occurred.

Mr Wu, of Jiang Architects, made his allegations of incompetence by construction firm Shanghai Zhongxin Construction in the Shanghai Daily yesterday and stood by them in an interview with the South China Morning Post (SEHK: 0583, announcements, news) .

He said the investigation's initial findings were that the car park excavations, combined with a large mound of debris piled on the other side of the building, had created a pressure differential that caused the building's foundations to fail.

"The cause is technically dead simple," he said. "The mistake was unimaginable and silly."

Mr Wu said the firm may have grown complacent as it was a relatively small building, but the collapse of a nearby flood barrier the day before ought to have been a warning.
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