FoolÆs Gold

Tim Clissold''s experiences investing in China have made him a wiser man.

What's changed about investing in China since the investments you describe in your recent book, Mr China

Clissold If you look at the fuss over Harbin Brewery involved in a bidding war between SAB Miller and Anheuser Bush, you feel 'same old, same old'. We also invested in three breweries near Beijing, called Five Star. We found it incredibly difficult to get operating synergies between breweries and eventually sold them to Qingdao Brewery at a loss.

I find it hard to believe things have changed a great deal at a basic level.

You give a fairly negative picture of Chinese business practices...

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