Top Chinese Hedge Fund Unwinds Bet on Property Rebound

(Bloomberg) — A top-performing Chinese macro hedge fund has slashed its holdings in property stocks, as their declines hurt returns just two months after predicting a major rebound in the sector. 

Shanghai Banxia Investment Management Center’s flagship Banxia Macro Fund slumped 9.8% in May, the biggest monthly loss since at least 2018, after it sold property-related shares and cut commodities positions, according to a letter to investors that was seen by Bloomberg News.