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Communist Chinese buying up business properties in Detroit

Good deals in real estate draw investors; more expected

 

Dustin Walsh
Crain's Detroit Business
October 20, 2013

 

The growing wealth in China is leading to an influx of investment from the nation as metro Detroit continues its economic rebound.

Crain's first reported last week that September's auction sale of the David Stott and former Detroit Free Press buildings was won by Chinese real estate developer DDI Group.

The Shanghai-based company, also called the Dongdu International Group, acquired the two downtown Detroit buildings, sight unseen, for $4.2 million and $9.4 million, respectively, outbidding Detroit-based Rock Ventures LLC, said Ryan Snoek, a real estate consultant who coordinated the sale on behalf of the seller, in the crainsdetroit.com story.

Greg Elliott, an attorney with Farmington Hills-based law firm Hoffert & Associates PC, represented DDI locally but declined to comment on the firm or the deals.

[FULL ARTICLE...]

 

 

 

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