Detroit Attracts Attention of Chinese Property Developers

Detroit Attracts Attention of Chinese Property Developers
Jul 25, 2014 By eChinacities.com

Detroit, the bankrupt former automobile manufacturing powerhouse, is known for having one of the worst real estate markets in the US, as well as horrific crime and poverty rates; however, that all might be set to change, as the former Motor City has attracted the attention of wealthy Chinese property investors hoping to rejuvenate the city.

According to the Guardian, Chinese investors see Detroit as an opportunity for them to realize their ‘American Dream’, whilst putting the city on the road back to recovery.

Last September, a Shanghai real estate mogul bought up 30 properties in Detroit’s city center including a 38 story tower block that he hopes to convert into offices and luxury apartments, whilst real estate agents both here and across the pond have heard requests on behalf of Chinese investors to buy up dozens of properties at a time.

The interest is so great, in fact, that China’s Ministry of Foreign Affairs felt duty bound to inform its citizens of the hidden risks and costs involved in investing in American real estate. This hasn’t deterred the investors however, who believe that if they purchase the property and wait, it will automatically appreciate in value.

Caroline Chen, a real estate agent in Michigan who represents numerous Chinese clients however, suggests that the buyers are underestimating just how bleak the situation in Detroit is.

Source: The Guardian

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Keywords: Detroit Attracts Attention of Chinese Property Developers

7 Comments

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joey567

buying up everything

Jul 31, 2014 15:13 Report Abuse

adfreeley

Just wanted to let people know, the picture of "Detroit" is actually Pittsburgh, a really great city where I currently live, but not Detroit. Detroit wishes it looked that nice =P

Jul 28, 2014 12:31 Report Abuse

KS15

Yes, as a Pittsburgh native, I am happy you pointed out this glaring error.

Jul 29, 2014 13:24 Report Abuse

bill8899

Detroit is cheap for a reason. I see those luxury apartments full of mistresses.

Jul 25, 2014 22:55 Report Abuse

johnny07lfc

Indeed... they will buy homes just to be able to emigrate and stow away their mistress etc

Jul 25, 2014 20:35 Report Abuse

Nessquick

and those mistresses will be banged every day buy black thugs and killed slowly ... they do not know this yet :D

Jul 29, 2014 09:15 Report Abuse