U.S.-based hedge fund investors such as Coatue, D1 Capital and Scion cut their exposure to Chinese companies in the second quarter, as doubts grew over whether the country’s long-awaited reopening would boost its economic growth, and geopolitical tension increased.
D1 Capital Partners also dumped all its 1.7 million shares - or $1.7 billion - in Alibaba, according to documents. Worries over China’s economy have heated up in recent days, as the country’s largest private real estate developer, Country Garden seeks to delay payment on a private onshore bond for the first time, the latest sign of a stifling cash crunch in the property sector.
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