First State’s Angus Tulloch has sounded the alarm on China, warning that the government is going to be forced to bail out its stricken banking sector, which he says will lead to giant losses.
The manager of the ￡6.7bn Asia Pacific Leaders fund says writeoffs on the value of risky Chinese loans will eventually lead to bank rights issues, a significant hardening of his public stance on China.
Mr Tulloch adds that many of the more apparently stable ‘consumer staples’ stocks on the Chinese market may also be set for a slump as their high valuations look increasingly unfounded.
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