"Chinese stocks are deep in bubble territory," notes John Christy, editor of The Forbes International Investment Report. Despite his concerns, he still sees select opportunities suggests several long-term buys in the region.

The advisor explains, "The Shanghai Composite Index -- which is limited mainly to local Chinese investors - is up more than 50% this year. It's only a matter of time before we see a huge correction, if not a crash."

But, he adds, that doesn't mean that all things Chinese should be avoided. Christy states, "China-related stocks that are listed in Hong Kong and here in the U.S. are still attractive if you are willing to stomach a little volatility in the short term." Included on his list of top long-term China holdings are Lenovo (OTC: LNVGY) and China Mobile (NYSE: CHL).

Lenovo, he notes, missed the China bubble entirely, despite he says, being the country's top PC maker. The company, he notes, just announced a new round of restructuring which will involve 1,400 job cuts-roughly 5% of its workforce in the coming year.

Says Christy, "Lenovo is still struggling to reap the full benefit of its acquisition of IBM's personal computer business. At the same time, it is trying to refashion its identity from a small Chinese PC maker to a truly global brand. These are not easy tasks and they will take time, but Lenovo is on the right track."

The advisor also looks to China Mobile, which he notes is is the country's leading cellular service provider. He says, "CHL is growing rapidly and offers tremendous long-term potential." However, it cautions that is not "especially cheap" at current levels and suggests patience for a better entry point.

In addition, he also looks toward Hutchison Telecom (NYSE: HTX), which he notes moved to a profit positon in the first quarter. He observices, While it is not a China play, it has operations in Hong Kong as well as other rapidly growing Asian markets such as Vietnam and Indonesia."

For more stock picks from the leading financial newsletter advisors, visit Steven Halpern's free daily website, TheStockAdvisors.com.