Detroit is Gone Forever
"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 prices, 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
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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 a "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."
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, $13.6 million (the same price as a luxury suite in