During the first stop of his Asian mini-tour, Warren Buffett told reporters that he doubts he'll find a new investment in China right now to replace his recently sold PetroChina stake because stock prices have gone up so dramatically in recent months.  That's in contrast with positive comments he reportedly made about South Korea's stock market recently.

Buffett was in Dalian, China for the opening of a factory of an Israeli company he owns.  Reuters quotes him as saying:

"It was a very easy decision to buy PetroChina. It was one-third of what it was worth, maybe a quarter. I doubt in the present market I would find something like that. The market has been too hot. I will keep looking."

Buffett has rejected any suggestion that he sold PetroChina as a protest against China's business ties with Sudan.  He underlined that today by saying he had written to PetroChina Chairman Jiang Jiemin to thank him for the "terrific" job he and his team have done for shareholders.

CNBC's Becky Quick is in China with Buffett and is reporting on the trip on Squawk Box (6a to 9a weekdays) and here on Warren Buffett Watch.

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