Russian tycoon Usmanov turns his attention to China

Billionaire Alisher Usmanov, believed to be Russia's richest man who made more than $1 billion investing in Facebook Inc, is planning to turn his attention from the United States to China, where the company holds stakes in online-commerce companies.

Ivan Streshinskiy, chief executive of Usmanov's holding company USM Advisors LLC, said in an interview with Bloomberg that US technology company valuations are too high to justify making new investments. "We're not investing in the US at the moment. People got used to these huge multiples, often forgetting about the basic fundamentals of the business," he said.