Mutual-fund managers have had a good run with Chinese stocks, but some are now backing off, saying China's market is a bubble that will burst sooner rather than later.

The Chinese market appears to be in the "later, waning stages of a bubble," said Justin Leverenz, manager of the $13.5 billion Oppenheimer Developing Markets Fund. The fund is now "extraordinarily lean" in exposure to Chinese stocks, he said.

Mr. Leverenz said he expects that with China's domestic A shares having risen nearly 500% over the last two years, "2008 will be an incredibly difficult year for Chinese equities."

Other fund managers agree and are pulling money out of Chinese shares, though a few said they are still finding buys in select H shares, those of China-registered companies listed on Hong Kong's stock exchange.

-cont.

 

Submitted: Dec 5, 2007    Views: 359    Comments: 1    Likes: 1   


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