Joined: 17 Jul 2006
|Posted: Thu Aug 03, 2006 12:16 am Post subject: Jim Rogers Goes to Asia, Asks $15 Mln for New York Townhouse
|Jim Rogers Heads for Asia, Asks $15 Mln for New York Townhouse
July 19 (Bloomberg) -- Jim Rogers, the hedge fund manager and author of ``Investment Biker,'' said he's put his New York townhouse on Riverside Drive up for sale for $15 million so he can move to Asia, where he predicts a boom in Chinese stocks.
``Our child is bilingual in Mandarin and English, so we would like to move to a Chinese-speaking city,'' said Rogers, 63, a former partner of George Soros who foresaw the start of a commodity rally in 1999. ``Whether it's Singapore, Shanghai or Hong Kong, who knows?''
Rogers traveled through China by motorcycle and car in the 1990s researching investment ideas and collecting material for his books, which also include ``Adventure Capitalist'' and ``Hot Commodities.'' A commodity index he started in late 1998 has more than tripled. His New York house, built in 1899-1902, has done even better. He bought it in 1977 for $107,000, property records show, giving him a 140-fold return at a $15 million sales price.
The six-story townhouse features a wine cellar, greenhouse and a gym. A terrace overlooking the Hudson River has a hot tub, steam bath and kitchen, according to Leslie J. Garfield & Co., the listing agent.
The real estate company describes the six-story property on its Web site as ``one of the most extraordinary townhouses in New York City with beautiful views over Riverside Park and the Hudson River.''
Buying Chinese Stocks
Rogers began buying Chinese stocks at the end of last year, betting on growth in tourism, agriculture, energy and airlines as the economy expands and the government encourages investments in equities, he said at a Beijing investment forum last month.
Rogers, who co-founded the Quantum hedge fund with Soros in the 1970s, also said he believes commodities are in a ``secular bull market'' and gold will reach $1,000 an ounce and crude oil exceed $100 a barrel. Gold for August delivery traded at $643.50 today; benchmark New York crude oil touched a record $78.40 a barrel last week.
China's economy grew 11.3 percent in the second quarter, the fastest pace in more than a decade. Singapore has been easing tax laws in its bid to become the center for wealth management in Asia, which is generating an increasing number of millionaires.
``We're in Singapore and going to China with the idea of just looking around and see how we feel,'' said Rogers, who was visiting the city-state with his wife and child. ``We've not bought anything and are not looking at property right now.''
Rogers is selling during a boom market for Manhattan's most- expensive properties.
``The high end is doing really well. The rest of the market is suffering,'' said Pamela Liebman, chief executive officer of Corcoran Group, New York's biggest residential real estate broker. ``We have no shortage of customers willing to spend over $10 million.''
Note: Good for going to Asia. The person who purchase his New York Townhouse will be stupid, considering Jim Rogers bought the townhouse at low price, selling it at high price, and the buyer will be buying it at high price at the top of the market. Jim Rogers has good timing, but not sure about the potential buyer.