DETROIT -

The old Detroit Free Press building downtown has a new international owner.

Chinese investor group DDI was the highest bidder in an auction this past month at $4.2 million. DDI is planning a $50 million redevelopment of the building that would include ground-floor shopping and about 150 apartments.

Work is expected to begin next year and finish by late 2015.

DDI also bought the David Stott building.