You've successfully copied this link.

Chinese Weibo users are salivating over Detroit's bankruptcy

By Juwai, 25 July 2013
20130725-ChineseDetroitWeibo.jpg

Since Detroit declared bankruptcy on 18 July, Sina Weibo (China's equivalent of Twitter) has been abuzz with discussion about snapping up Detroit housing at bargain prices.

Caroline Chen, a real estate broker in Troy, Michigan, says she has received "tons of calls" from people in mainland China: "I have people calling and saying, 'I'm serious—I wanna buy 100, 200 properties,'" noting that her colleague recently sold 30 properties to a Chinese buyer.

"They say, 'We don’t need to see them. Just pick the good ones.'"

Read more on Quartz.

 

 

[Image source: Three Houses by sj carey on Flickr.com]