Valued on paper, but no one will pay the book value for those properties sitting on old malls that are going under.
No, but the Chinese will lap them up at fire sale prices. They are the ones with money to spend nowadays and they are doing it by buying up huge chunks of America.
In the end, they will not want many or most of the current inhabitants still around to go with their real estate. Many are just too worthless and lazy to work and others will be simply too rebellious. They will know how to handle all of them when the time comes.