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Chinese buying Detroit
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DrTorch Offline
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Post: #1
Chinese buying Detroit
http://www.breitbart.com/Big-Government/...ng-Detroit

Of course the sales pitch is a bit deceptive

Quote:Chinese investors are investing heavily in the bankrupt city, so much so that it now ranks fourth among all U.S. cities for Chinese property hunters online. A Chinese international property portal, Juwai.com, ranked the top US cities; Detroit was fourth, behind New York, Los Angeles, and Philadelphia.

Prices for family homes in Detroit have plunged to $10,000, prompting a Chinese TV station to air a report asserting that Detroit homes cost as much as a pair of shoes. One Weibo-user posted, “700,000 people, quiet, clean air, no pollution, democracy — what are you waiting for?” That post triggered millions of responses.
11-24-2014 12:34 PM
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DaSaintFan Offline
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Post: #2
RE: Chinese buying Detroit
and i think they'll find out the same thing the Japanese learned the hard way in their "new york" buy-up. you invest too heavily in properties and such... and POP goes the bubble!
11-24-2014 01:51 PM
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VA49er Offline
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Post: #3
RE: Chinese buying Detroit
Is this like when the Japanese bought all of New York back in the 80s?
11-24-2014 02:22 PM
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Owl 69/70/75 Offline
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Post: #4
RE: Chinese buying Detroit
Foreign investors like real estate because our tax and regulatory environment makes investing in productive activities unattractive.
11-24-2014 02:26 PM
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DrTorch Offline
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Post: #5
RE: Chinese buying Detroit
(11-24-2014 01:51 PM)DaSaintFan Wrote:  and i think they'll find out the same thing the Japanese learned the hard way in their "new york" buy-up. you invest too heavily in properties and such... and POP goes the bubble!

Detroit bubble? I don't think we're there yet.
11-24-2014 02:35 PM
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Lord Stanley Offline
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Post: #6
RE: Chinese buying Detroit
The Chinese are buying whatever is left over once that Quicken Loan guys buys all the good stuff.
11-25-2014 09:12 AM
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Native Georgian Offline
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Post: #7
RE: Chinese buying Detroit
(11-24-2014 12:34 PM)DrTorch Wrote:  Of course the sales pitch is a bit deceptive

Quote:One Weibo-user posted, “700,000 people, quiet, clean air, no pollution, democracy — what are you waiting for?” That post triggered millions of responses.
Has anyone ever heard Detroit described as "quiet"?
11-26-2014 05:06 AM
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DrTorch Offline
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Post: #8
RE: Chinese buying Detroit
(11-26-2014 05:06 AM)Native Georgian Wrote:  
(11-24-2014 12:34 PM)DrTorch Wrote:  Of course the sales pitch is a bit deceptive

Quote:One Weibo-user posted, “700,000 people, quiet, clean air, no pollution, democracy — what are you waiting for?” That post triggered millions of responses.
Has anyone ever heard Detroit described as "quiet"?

Lots of deserted places these days.
11-26-2014 08:22 AM
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Native Georgian Offline
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Post: #9
RE: Chinese buying Detroit
(11-26-2014 08:22 AM)DrTorch Wrote:  
(11-26-2014 05:06 AM)Native Georgian Wrote:  Has anyone ever heard Detroit described as "quiet"?

Lots of deserted places these days.
Heh.
I see what you mean.
11-26-2014 10:46 AM
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