Ear Hustle

Chinese Investors Are Buying Up Detroit For Themselves As Well As Other Land All Over The U.S

Chinese Investors Are Buying Up Detroit For Themselves As They Are Other Cities All Over The U.S

Do you all notice a trend?  Destroy a city where predominately minorities live then sell of the remains to Chinese and Russian investors.  Rebuild the city for dirt cheap all while the original occupants are relocated to other areas.

Better yet, poison the water system in flint, force people to abandon the property and move, then sell the properties to Hedge fund investors for dirt cheap and fix the water problem over night.

This is a common occurence that is taking place all over the U.S but the people are too occupied watching reality shows while in reality America is being auctioned off to the highest bidder all while the poor is taking the hit.

See what Financial Juneteenth has to say:

“Detroit’s coming back,” Michigan Governor Rick Snyder announced as he left for China to discuss trade. “We’re emerging from the bankruptcy. A lot of things are going on in terms of investments.”

What he didn’t mention is that he was selling Detroit off to the Chinese.

Detroit is bankrupt. Buildings are vacant. Homes are foreclosed upon. Factories are sitting dormant. Prices for all of the above are at rock bottom, and China has a bottomless checkbook with a huge need to expand its influence. Governor Snyder sees a match made in heaven.

According to NBC News, “With family homes regularly selling for around $10,000, the beleaguered Motor City is now the number-four destination for Chinese housing investors in the U.S. Bigger spenders have already snapped up some of Detroit’s most iconic commercial buildings.”

Detroit can use the money. Currently over $18 billion in debt, the backing of Chinese investors seems to be a good idea. But if Detroit is going to reclaim its place as one of the world’s greatest manufacturing cities, it cannot sell off its wealth.

If there was a thought that China was simply looking to help the people of Detroit get back on their feet, consider the thoughts of some of the millionaire investors. “There are factories, commercial real estate and upscale areas around Detroit with proximity to good schools that are worth investing in”. Another posted, “700,000 people, quiet, clean air, no pollution, democracy — what are you waiting for?”

What is who waiting for? One of the main selling points is the “new 10-year visas for the Chinese announced by President Barack Obama during a recent visit.” Governor Snyder is “lobbying for 50,000 special federal immigration visas to entice even more investors.” The Chinese are not buying up Detroit so they can clean it up for the Americans. They are planning to move in.

Detroit may soon have its name changed from Motor City to Little Beijing or American Shanghai. If you wonder just how easy it is for the Chinese to make these purchases,  NBC News noted that in 2013 Dongdu International Group of Shanghai (DDI) bought three historic Detroit structures including the Detroit Free Press building. The price was $13.6 million (the same price as a luxury suite in Shanghai).

Even if, as Governor Snyder says, Detroit does come back, its face will be forever changed.

 

Source:  Financial Juneteenth

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