No bubble here: Rogers says Chinese property market is cooled down

Legendary commodity-investor and Singapore resident, Jim Rogers, told China Daily News that the property market has been slowed down and there is no crisis.

"There has been a bubble in the Chinese property market which is now over," said Rogers.

"The Chinese government has been trying to burst the bubble. I think the government is doing the right thing to bring down the price of property. If you do not pop bubbles, lots of people get badly hurt. The bigger the bubble gets, the worse it is for everyone."

Rogers said his investment strategy is to buy things he calls "useful", such as what and oil.

He is still downcast on Europe.

"As an investor, I will not put money in European bonds because those countries are bankrupt. The crisis will return and you could lose all your money."

The Baltimore, Maryland native is now raising two young daughters in Singapore.