China’s Newest Real Estate Investment Craze: Detroit’s Housing Crisis

“While many people in the United States aren’t looking to purchase homes, a new craze has hit Chinese investors hoping to cash in on Detroit’s woeful housing economy. After announcing that the city filed for bankruptcy on July 18, Detroit property has been a hot topic on China’s social media platform, Weibo. This news, compounded with a television news segment aired on state-run CCTV back in March that said a price of a pair of leather shoes could get you two houses in Detroit, got many people moving their money from the mainland to the Midwest.  According to a report by Quartz, Caroline Chen, a real estate broker based in Troy, Mich., has been getting ‘tons of calls’ from mainland Chinese with serious interest in the market.”

via China’s Newest Real Estate Investment Craze: Detroit’s Housing Crisis.

 

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About Houston Real Estate Blog by Bayou City Lupita

-Bayou City Realty Advisors, Owner -RE/MAX Compass, Agent -The Home Alliance Group, Member -Houston Association of Realtors-Member -Texas Association of Realtors-Member -National Association of Realtors-Member -Centralized Showing Services-Member -Just Energy-Associate
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