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Chinese Weibo users are salivating over Detroit's bankruptcy

By Juwai, 25 July 2013
Chinese Detroit Weibo

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]