China Buying Up Detroit

December 10, 2013

A recent advertisement for buying properties in Detroit goes like this: ”700,000 people, quiet, clean air, no pollution, democracy…what are you waiting for?” It’s not a marketing campaign by Pure Michigan – it’s on a version of Twitter in China. Analysts say wealthy Chinese are increasingly moving capital out of the country, and are intrigued by stories on state television that you can buy two houses in Detroit for the price of a pair of shoes in China. WDET’s Quinn Klinefelter talked with an attorney who’s helping Chinese investors make bulk purchases of 20 or 30 Detroit properties at a time. Attorney Evonne Xu says for Chinese investors, Detroit’s highly-publicized financial troubles are a draw -- not a drawback.