BY Gordon G. Chang
Detroit, broke with almost no prospects for recovery, is the fourth most popular U.S. destination for Chinese real estate investors. In fact, it was bad news—the city’s July 18 bankruptcy filing—that triggered renewed interest. “While
the bankruptcy is viewed as a bad thing elsewhere, it raised the
exposure level of Detroit’s real estate market in China,” says Evonne Xu, a Michigan attorney catering to Chinese purchasers. Middle Kingdom, meet Motown. Chinese shoppers can’t resist a bargain. Where else can you buy a two-story home in the U.S. for $39? China Central Television, the state broadcaster, in March reported that two houses in Detroit cost the same as a pair of leather shoes. No
wonder a poster on Sina Weibo, the Twitter-like service, asked,
“Seven-hundred thousand people, quiet, clean air, no pollution,
democracy—what are you waiting for?”
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