Chinese investors may be looking at homes in Detroit from afar — according to Juwai.com, Detroit is the fourth-most searched U.S. city on the global real estate search portal — but there’s little hard evidence to support headlines that “China is buying up Detroit,” NPR’s Sarah Cwiek reports.
Properties that Wayne County has foreclosed on for unpaid taxes are auctioned off online — last year alone, 20,000 were put out to bid, most of them in Detroit. Only a tiny portion of those properties were bought by overseas investors — 99 percent of buyers were based in the U.S. — and not a single sale could be traced to a China-based buyer, Wayne County Chief Deputy Treasurer David Szymanski told NPR.
While U.S. agents can places bid on behalf of international investors, and auctions account for only a fraction of home sales, the numbers suggest that money is not pouring in from China into Detroit real estate, Szymanski says.
“Although, I’ll be very honest: I want the participation of other countries. I would love to see the money flow in.” Source: npr.org.