"New York now thinks Detroit is worth putting money into." Sky Hi Refi Downtown

[maverick1]

When do Tokyo and Peking start buying in?

This is the question I have. It seems New York banks don't see value here. Why aren't we looking outside the U.S.? Or is there an effort to get foreign banks to invest in Detroit?

[JBMcB]

Why aren't we looking outside the U.S.? Or is there an effort to get foreign banks to invest in Detroit?

Well, there are European banks, which aren't doing so hot right now. The banks in Japan are still shell-shocked from the 90's collapse, so they are pretty conservative in their financing. Then there are Chinese banks, who are just starting to feel the pinch from the ridiculous Chinese real estate bubble. It's particularly bad in China, they've built entire cities that are completely vacant.

There are a few emerging economies doing OK who might have some investment capital handy. India and Brazil come to mind.