December 9, 2013

China's Newest City: We Call It 'Detroit'

Gordon Chang, Forbes

The Associated Press

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.

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TAGGED: United States, Detroit, China

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