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Investor Jim Rogers confident about chinese tourism
Rogers strongly confident about chinese tourism

Investor Jim Rogers is buying Chinese shares, among the world's worst performers this year, as the market has bottomed, and he's focusing on agriculture, tourism, airlines and education.

"All my new money goes to commodities and China,'' said Rogers, who co-founded the Quantum fund with George Soros in the 1970s and correctly predicted the start of the commodities boom in 1999. He spoke at a seminar in Beijing yesterday.

"All the panic looks like a bottom,'' he said. "I have bought in the last four to five weeks. I've been buying shares in China for the first time in a long time.''

Selling Chinese shares in 2008 "is a big mistake,'' said Rogers, adding that he had also bought stocks in Singapore, Taiwan and Hong Kong. "I have never sold any Chinese shares.''

During interview with U.S. News, Rogers expressed his great faith in Chinese outbound tourism:

Which Chinese industries are poised for the best long-term growth?

Tourism is one of the Chinese industries that have the best long-term growth potential. The Chinese have not been able to travel for the last 300 years. Now they can. Some of us remember when suddenly the Japanese appeared on Madison Avenue. There are around 125 million Japanese. There are more than 10 times as many Chinese. You can imagine as they flood the world with tourism it's going to be growing for years to come.

Rogers said he bought shares related to tourism and education, which "in China will continue to be a major industry.'' Other investments include those of airlines, water companies and agricultural producers, he said.

Bloomberg

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