The unpredictability of China's regulatory measures make the country unappealing to foreign investors in the short-term, following its latest crackdowns on the technology, property and education sectors, global fund managers said.
Haefele, who runs the world's largest wealth manager with US$3.2 trillion in assets, said it was still early days and he would wait to see"how long this plays out." "Fundamentally, it surprised me as well, turning some of these companies overnight into not-for-profit entities," he said, adding foreign investors' concerns about these measures' lack of respect for property rights was understandable.
Justin Onuekwusi, LGIM's head of retail multi-asset funds, said his firm continued to hold Chinese stocks as they represented better value at current levels than their European and U.S. peers.
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