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 ...
CHINESE COMBO 5:
http://www.youtube.com/watch?v=oaBD_sF-sWQ
Combo 1,2, ah 3,4,5
Everybody loves Chinese steamed or fried,
from the Chinese restaurant around the corner,
so you say you want some won-ton soup, I’ll bring your order.
Roast duck is a special all dis week,
we fry it deep, be-cause our duck is cheap!
You like Egg-Fu-Yon, diced chicken, chow wong and subgum.
We are serving dimsun, all of it yum-yum.
So, what can I getcha, a really big order pork,
we got the chop sticks, but please use a fork.
Everything is fried, it’s so good, like our dumplings.
So, just give us a ring.
A little beef and broccoli you got to try.
A little mixed vegetables and white rice
A little sweet and sour is all you need.
A little bit of salt-no MSG
A little bit of General Tso’s chicken
A little bit of lo mein I can send
A little bit of Szchewan or Hunan
A little bit of moo goo gai pan!!!
RE: Orientals have problems with L’s, hence the password Lollapalooza.
The interesting thing is this... Many Chinese have problems with pronouncing “R”, while Japanese have problems with pronouncing “L”
I see gang members disappearing. Local Chinese population sees nothing.
You say that with a straight face about China?
I’ve seen Chinese words like “Ren” (means man) that have R. Yes, it was the Japanese that Lollapalooza was formulated as a challenge to (WWII).
Thanks for the ping/posts; thread. I was down on Military St. in southwest Detroit yesterday, where I lived for awhile with my grandmother while attending W.S.U. (Wayne St. University) To my surprise there were many burned out houses nearby, which was NEVER the picture in all of Detroit’s history. Quite disturbing. I thought Kwame and the bankruptcy was the bottom. Detroit has a loooooong way to go, despite “investors”.
(neighborhoods)
Very interesting thread, nonetheless.
“Well, it should cure the wild dog problem.”
OMG! ROFLMAO! :)
The Chinese are buying properties there to see how socialism is working. Then do the opposite in China.
Woof woof woof!
LOL...
Chinglish vs. Ebonics... hmm...
Urban renewal, by subtraction.
Maybe the US will become the paper tiger as China was in the 19th century. At that time, China suffered decline due to drug abuse (imported opium from Afghanistan by the British), and a country divided by competing warlords. As a result, China’s major cities were colonized and controlled by foreign powers.
More drugs (imported from the same place by the CIA) and civil war could easily lead to the same thing here.
Di-tel-li is Chinese for: ‘Bankrupt city ruined by American Marxists who raised taxes on working Americans.’
Then there’s the Chinese pirate captain, telling his crew to “Hoist the Jorry Logel!”
So much for the theory that Far East Asians are gifted with superior intelligence.
A few years ago Me and a few friends decided to go to the Detroit auto show. We somehow got turned around and lost over by Comerica park and ended up on the other side of the freeway. Not a good area for a carload of white people. The landscape consisted of burned out houses and empty lots. the only thing that was ok were the liquor stores. Everything else was trashed. I looked at our driver and said “turn around now” and he said “what in the middle of the street?” to which I said “hell, yes! we’re on the wrong side of safe”. The driver was worried he’d get pulled over for an illegal U turn. I told him “don’t worry, the cops don’t come down to this part of town”. His only response was “oh”.
CC
Should be American millionaires buying it up but ...
What will be interesting is how many will then say “I invested in distressed American real estate, give me an investor’s visa”.
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