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Emerging markets guru Mark Mobius has phoned in from his moon base:

China's recent efforts to cool its property bubble won't work.

Here's what the always-interesting executive chairman of Templeton Asset Management told Bloomberg:

“We don’t see fundamentals of the property industry will change much because of these new policies. We are in general still light on Chinese developers and if this correction brings valuations to more attractive levels, it would be a good opportunity for us to step up our positions.”

Are you going to disagree with a man who looks like James Bond's worst enemy?

(Hat tip to the excellent Business Insider website).