After the city of Detroit, Michigan filed for bankruptcy July last year, Chinese Investors came swooping in selling thousands of properties at rock-bottom prices.
While regular family homes normally sell for $10,000, thousands of properties in the impoverished city are now being sold very cheap prices, even comparable to a pair of shoes, as reported on TV by a Chinese broadcasting network, NBC reports.
"There are factories, commercial real estate and upscale areas around Detroit with proximity to good schools that are worth investing in," said Wang Ning, deputy manager in charge of international business at China online real estate agency SouFun.
The rock-bottom prices caught the attention of Chinese Investors and SouFun got over 1,000 phone calls after it posted hundreds of images of abandoned Detroit homes in its web site.
Once among the greatest manufacturing cities in the world with the highest per capita income in the U.S., Detroit filed for bankruptcy on July 2013 after accumulating a debt of $18 billion-and now, many of its homes, offices and real estate are now empty, abandoned and unproductive.
Meanwhile, Michigan Governor Rick Snyder, who visited China on Wednesday, is hoping that the influx of investors would help salvage Detroit.
"Detroit's coming back," Snyder said on the eve of his trade mission to China.
"We're emerging from the bankruptcy. A lot of things are going on in terms of investments."
The governor's visit is taking him to Shanghai, Beijing and three other cities. China is also Michigan's third-largest export market.
Meanwhile, Detroit had property developer Dongdu International Group of Shanghai (DDI) vying for its historic buildings including one built by Kmart founder Sebastian Kresge and the Detroit Free Press.
The firm bought the properties for $13.6 million, and hopes that they can aid in the revival of the lost city.
"Detroit is like Shanghai in that it has many classical and iconic buildings," the company said on its website.
"DDI through its successful history has had had great experience in bringing these types of buildings back to life."
"We feel very proud if we could contribute to the revival of Detroit," Mica Shi, DDI's branding senior manager said.
"We believe that Detroit will be back, the local government will support foreign investors, we are optimistic about it."
