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Rogers is putting his money into China
By Hanny Wan |
January 1, 2009, Thursday
|
Print Edition
Print Edition
JIM Rogers, chairman of Rogers Holdings, says he's been buying shares of Chinese companies even as growth in the world's fourth-largest economy slows.
Rogers, 66, started buying Chinese shares in 1988 and is now favoring equities traded in Hong Kong and Singapore that are cheaper than yuan-denominated stocks in Shanghai, Bloomberg News said. Hong Kong's Hang Seng China Enterprises Index, which tracks the city's so-called H shares, climbed 1.4 percent yesterday. The CSI 300 Index, which tracks shares in Shanghai and Shenzhen, lost 0.9 percent.
China is slowing but "some parts of the Chinese economy will be totally unaffected by what happens in the West," Rogers said yesterday. "I started buying in October again. I never sold any Chinese shares."
The global credit crisis has dragged the world's largest economies into recession, hurting demand for Chinese products. China's exports fell for the first time in seven years in November, imports plunged and output contracted by a record. The People's Bank of China has cut interest rates five times in three months to lend support to a 4-trillion-yuan (US$586 billion) spending package intended to revive an economy that grew in the third quarter at the slowest pace in five years.
Rogers, who correctly predicted the beginning of the commodities rally in 1999, has been buying Chinese agricultural stocks amid government measures to bolster economic growth.
Rogers, 66, started buying Chinese shares in 1988 and is now favoring equities traded in Hong Kong and Singapore that are cheaper than yuan-denominated stocks in Shanghai, Bloomberg News said. Hong Kong's Hang Seng China Enterprises Index, which tracks the city's so-called H shares, climbed 1.4 percent yesterday. The CSI 300 Index, which tracks shares in Shanghai and Shenzhen, lost 0.9 percent.
China is slowing but "some parts of the Chinese economy will be totally unaffected by what happens in the West," Rogers said yesterday. "I started buying in October again. I never sold any Chinese shares."
The global credit crisis has dragged the world's largest economies into recession, hurting demand for Chinese products. China's exports fell for the first time in seven years in November, imports plunged and output contracted by a record. The People's Bank of China has cut interest rates five times in three months to lend support to a 4-trillion-yuan (US$586 billion) spending package intended to revive an economy that grew in the third quarter at the slowest pace in five years.
Rogers, who correctly predicted the beginning of the commodities rally in 1999, has been buying Chinese agricultural stocks amid government measures to bolster economic growth.
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