Jim Rogers debates with Marc Faber over the merits of investing in Chinese equities

Eastern markets are in the center of the investment community's attention after some poor results that Chinese economy have shown recently. Investments gurus Jim Rogers and Marc Faber engaged themselves in a heated debate over the long term value case of the Chinese equity market in a CNBC interview.

Jim Rogers explained his position that he is using share price falls as a value opportunity and has recently upped his stake in the region for the third time in his career. "China is going to be the next great country in the world," he told CNBC.

"I was violently and vehemently telling people not to buy China when it was going up in 2007. I only buy China when it collapses."

Faber on the other hand argued it is difficult to be bullish on Chinese equities given their poor share price performance over the past couple of years. Since 2007 the Shanghai stock exchange has fallen from 6,100 to 2,074 today, a fall Faber cited as the main reason for his continued bearishness.

Faber is refraining from adding exposure to equities across the board, believing markets are overdue a sharp correction.

"I just want to have a lot of cash, because I think that within the next six to nine months we can buy just about anything 20% lower than it is now," he said.