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.
/ Source: inman.com
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.