China not the best place to find bargains despite market selloff
Hong Kong
IT'S going to take more than the world's deepest stock market selloff to turn China into a destination for international bargain hunters.
Even after a 40 per cent tumble in the Shanghai Composite Index over the past 12 months, valuations for China's domestic A shares are three times as expensive as every other major market worldwide. The median price-to-earnings ratio on the country's exchanges is 59, higher than that of US technology shares at the height of the dotcom boom in 2000.
One year after China's equity bubble peaked, valuations have yet to fall back to earth as government intervention keeps stock prices elevated at a time of shrinking corporate profits. For money managers at Silvercrest Ass…
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