Chinese Reporter Told Detroit Homes Are Cheaper Than Shoes

Thousands of Chinese have expressed interest in traveling to the US for an "investors' tour" of Detroit's "bankrupt house market," reports a Chinese newspaper. With the real estate prices around here, we're not surprised! Here's a fact: Detroit's homes are cheaper than a pair of shoes, assuming the shoes are the eleven-hundred dollar kind, which will actually get you two Detroit houses, with cash to spare. That's according to this report by Chinese news station CNTV, which cuts to an American investor saying "...they start at $1,100 for one pair of shoes, but why would I want to spend $1,100 on a pair of shoes when I can get two houses for $1,000 and still have $100?" The context of the remarks is not clear—we don't speak Chinese—but Google Translate does! The headline: "'Motor City' Detroit on the brink of bankruptcy: a pair of shoes two suites a speculator bottom real estate."
· Chinese investors eye bankrupt house market in Detroit [South China Morning Post]