Detroit homes for sale on the SouFun website each with a $10,000 price tag.
Posted on 11/22/2014 6:01:32 PM PST by SeekAndFind
Bankrupt Detroit’s thousands of empty buildings are being flogged at rock-bottom prices — and Chinese investors are answering the siren call of unbeatable deals.
With family homes regularly selling for around $10,000, the beleaguered Motor City is now the number-four destination for Chinese housing investors in the U.S. Bigger spenders have already snapped up some of Detroit’s most iconic commercial buildings.
“There are factories, commercial real estate and upscale areas around Detroit with proximity to good schools that are worth investing in,” said Wang Ning, deputy manager in charge of international business at China online real estate agency SouFun.
The firm, which lists hundreds of photos of abandoned Detroit homes on its website, says it received more than 1,000 telephone inquiries the week after the city claimed the dubious distinction of having filed the country's largest municipal bankruptcy in July 2013.
Chinese interest picked up steam after a TV report claimed that homes in Detroit could be bought for the price of a pair of shoes.
After the program one user posted on Twitter-like Weibo: “700,000 people, quiet, clean air, no pollution, democracy — what are you waiting for?” The comment generated millions of responses.
The influx of cash is welcome in Detroit. Earlier this month, a bankruptcy court ruling approved a complex restructuring of the city's $18 billion in accumulated debt to end a costly and contentious chapter of the city's long-running financial decline. Once among the greatest manufacturing cities in the world with the highest per capita income in the United States, many of its homes and office buildings now sit empty and derelict. Its officials are looking to China help salvage the gutted city.
Michigan Gov. Rick Snyder on Wednesday embarked on a week-long trip to the country, his fourth visit since 2011.
(Excerpt) Read more at nbcnews.com ...
Can they even pronounce it? Detloit???
People who would ask the United Nations to pay for their WATER BILLS have no principles, whatsoever.
They’ll take the money of ANYONE, no questions asked.
Detroit,,,the Joe Biden of American Cities
Moving in a number of Asians would improve the overall intelligence of the area quickly.
Not to mention you can understand their speech better than the natives.
The Weibo poster obviously did not do much in the way of due diligence on just who the 700 K people were in his “700,000 people, quiet, clean air, no pollution, democracy — what are you waiting for?” were and what they were all about or he would have understood that his question was self answering
RE: Moving in a number of Asians would improve the overall intelligence of the area quickly.
Not intelligence, really — WORK ETHIC and CHARACTER.
Sum Ting Wong?
Smart move. They can probably save a lot on shipping charges if they can just build their tanks here.
Good luck Detroit blacks.
Nex thing you know, the bruthas in Detroit, gonna be howlin racism by them Chinese foreigners, fo buyin up all de good places, and leavin nothing good, fo dem.
I hear the Smart Money’s already looking at Flint!....
Nothing much going on in Flint and even if there was, conservatives would be too stupid to see it.
Well, it should cure the wild dog problem.
I’m going to have to do some research but how did China and India end up with so high a population? Is it because their societies are so old? I really wish I was born 200 years ago, but I doubt an Englishman would have married a Hungarian.
When Detroit comes back, people will be bitching about how the Chinese own it all.
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