
(ECNS) -- Insiders have warned Chinese investors of the risk of buying up cheap property in bankrupt Detroit, according to the newspaper Sing Tao Daily (US).
But Chinese investors are mostly unfazed by Detroit's high unemployment and violent crime rates, the report says.
A property agent surnamed Chen in Troy, Michigan, says she has received several calls from China about buying properties in Detroit. One Chinese buyer, who bought 30 properties from her colleague, said he didn't even need to see the properties in person. "He just said pick the good ones," Chen adds.
A property fair organizer surnamed Wei in Beijing says some Chinese investors have already put their plans into action. They're betting on US economic recovery and a rebound in the auto industry, even though a major part of that industry has moved to other cities, says Wei.
Chen says the chance of profiting from investing in property in Detroit is slim, although many investors don't believe it. But those who follow her suggestion to visit the city's downtown area first have all decided not to buy.
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