Top fund is cautious on China property stocks amid cooling steps

Beijing

A TOP-PERFORMING fund is cautious on Chinese property stocks after rallies drove up valuations and local governments took measures to curb gains in the real estate market.

Robert Lloyd, whose US$364 million JPMorgan Pacific Securities Fund has beaten 97 per cent of peers over the past year with a 16 per cent return, says he is underweight property shares and owns only one Chinese real estate company.