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 ...
Smart move.
The house my Dad paid 10K for in 1950.,,,in Flint Mi...is now on the market for 5K.....
Up Up and Away!
China has done likewise in Africa entire....thousands and thousands of Chinese now in Africa....
Or when they find the copper piping missing: `Yu Stin Ki Pu’?
Chinese property investors and managers might be just the ticket for Detroit. Even though putting `gang-bangers’ and meth heads up against walls & shooting them probably won’t go over well with local government, it would put a dent in crime. We have a lot of the same problems next door in NE Indiana.
Designating some of the harder hit areas FFIF (`free fire increment financing’) districts might be the way to go, Lots of signage, e.g. “If you don’t have any business in this `hood, homie, stay the **** out.” “Due to the scarcity/cost of ammo, there will be no warning shot.” More power to `em. Hope it works.
...”how did China and India end up with so high a population?”...
They didn’t kill their unborn children.
I recall being on a site some time ago documenting population by country or continent over time. Might be useful for your research.
We know the US population around 1780 was 3 million. So, the
next question might be, was the population of China, now at 1.35 billion, at 12 million in 1780?
They may want to try walking a block in that city first...
If he thinks there's "democracy" in Detroit, he hasn't been paying very close attention.
well, now that the PRC folks have bid up little old tract houses in the SF Bay Area to the $1 to 3 Million dinero range.......
maybe they’re getting smart.... and starting to buy less hyper-inflated properties for a change.
interesting.
Thanks!
Is di-tel-li simply a transliteration, or is there an underlying meaning?
The Chinese aren’t likely moving here. They’re investing in property that will likely go up in value as the big money continues to pour into Detroit. Dan Gilbert and others are counseling their employees to buy up Detroit properties for the same reason.
The bankruptcy was a good thing for business and its a lot cheaper to do business in Detroit than it is in NY, Boston or Chicago. The uncertainty is gone and a LOT of private money is flowing in. Developers are competing for the old Tiger stadium site. The Packard plant has been bought, taxes paid, and cleanup begun for a half billion dollar renovation. Creditors got prime riverfront properties as part of the bankruptcy deal and already have architects and designers working on plans for new luxury hotels, condos, and retail spaces. Canada is spending nearly $2 billion to build a new bridge because they see the writing on the wall.
Detroit is a top notch sports town too. The lions and Tigers play literally right across the street from each other and the new Red Wings arena will be there too. There’s powerboat racing on the river and Indycar racing on Belle Isle. Gilbert, Penske and others say they intend to attract an F-1 race back to the city too.
The single best thing about Detroit is the fact that the bankruptcy has been handled almost entirely within GOP controlled Michigan and business likes that a lot.
The Chinese will probably change the name too. Great all of us in Michigan will now have to have a Chinese pagoda in every city. Wonder if the Chinese will accept the International Building Code. This will not go over well
Republicans would be very wise to get on board and showcase Detroit as a contrast between what 50 years of democrat rule and 4 years (so far) with GOP pro business control of the state. The change is rather stark to anyone who pays actual attention.
No doubt the big money Detroit guys will be schmoozing the NY and Buffalo big money guys tomorrow.
How many Chinese buffets can Motown handle?
More pot stickers, please.........
Doors, windows, plumbing and siding optional. Neighborhoods are quiet from dawn to dusk.
In the case of China they didn’t kill off their
unborn MALE children.............
Orientals have problems with L’s, hence the password Lollapalooza.
Considering that the US is pretty well in China’s pocket, reviving Detroit is probably one of the more gracious things they could do.
I am ashamed that the Chinese, when they live in America, are usually more civilized than Americans are.
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