Bill Ackman, the billionaire hedge fund manager who runs Pershing Square Capital Management, said China is a far bigger concern to markets than Greece and that the country’s stock market scares him.
“China is a bigger global threat by far, ” Ackman said Wednesday at the CNBC Institutional Investor Delivering Alpha Conference in New York. “The Chinese stock market is a fairly remarkable phenomenon and I think kind of a frightening one.”
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China’s gross domestic product rose 7 percent in the last quarter as policy makers stepped up support, boosting the country’s stock market. Equities have since plunged from a June 12 peak wiping almost $4 trillion in value as investors that borrowed to buy shares unwound their trades.
Ackman said he’s worried about China’s lack of transparency and questioned the reliability of its economic statistics. While the country has good long-term prospects, shorter term you have to be concerned, he said … READ MORE
BLOOMBERG, by Beth Jinks and Simone Foxman
