Now that the U.S. housing market has cooled off, American investors are looking to the Chinese coal industry. Another risky proposition, but for different reasons.

As China’s appetite for coal is booming, American investors and businesses are cashing in.

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American pension and mutual fund money is being invested in the Chinese coal industry …

“In general, they’re doing a very smart thing,” said Mike Tian, an analyst with independent investment research company Morningstar. “That’s where the money is.”

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