The American investment guru at a forum in China on Friday. (Photo/CFP)
Global opportunities for investment all reside in China, American investor and author Jim Rogers said in the country on Friday.
Rogers is investing heavily in the world's second-largest economy — with both his money and his blood. He announced publicly that he would like to find Chinese husbands for his daughters, reports our sister newspaper China Times.
Water resources, environmental protection and agriculture will be potential sources of wealth, the chairman of Rogers Holdings and Beeland Interests and long-time investment partner of George Soros said at an investment forum for private companies in Hangzhou, the capital of eastern China's Zhejiang province. He based his forecast on the Chinese government's 12th five-year plan, which runs from 2011 to 2015.
The experienced investor prefers companies that deal with water resource issues, providing China invests significant amounts of money into these resources. With agriculture undergoing rapid transformation, expenditures in environment-related industries have been enormous. It is in these industries that lie opportunities for investors, Rogers said.
His outlook for China's real estate market was not as bright, however. The 69-year-old said he bought shares in China three times, once each in 1999, 2005 and 2008. Some of the 1999 shares have since secured him at least a tenfold profit.
In response to the persisting sluggishness of China's stock market following an announcement from the central bank of interest rate cuts to stimulate development, Rogers says, based on his experience, that the effect on the market will only be seen after at least three rate adjustments in a row.
Rogers displayed his confidence in China when he called the rise of the country the most important event in the 21st century. "The 19th century belonged to Britain, the 20th century to the United States, the 21st century is China's world," he was quoted by the newspaper as saying.
The US has become world's biggest debtor nation in history, while China, Japan and South Korea are the largest creditor nations. If the renminbi can be exchanged freely in the world, "I am preparing to invest in China for 100 years," he added.
The smart investor keeps all Chinese shares for his young daughters: nine-year-old Happy Rogers and four-year-old Little Bee, and welcomes Chinese men to become his potential sons-in-law. "He must be very intelligent, older than my daughter and have had a wide variety of experience in life, and a great career will be a plus," he said at the forum. A Chinese student among the audience said he would try his best to meet the demands; the investor immediately gave his business card to the young man, which triggered laughter at the scene.
Perhaps a surprise to the audience, the investor picked Myanmar and North Korea as good choices for future investment. Myanmar is rich in resources, he said, while North Korea will not maintain its isolation with new leadership taking charge this year.
"We must have farsightedness to earn money," Rogers said.