She explained that the “China-plus-one” strategy is benefitting India, which is also seeing a new cycle in real estate.
"India's beginning a new cycle on the real estate side — made in India, work from India — with the global centers setting up there," she elaborated.That being said, Kandhari feels that some pockets of China are still investable, hinging on the improvement of the country's economic growth.
Kandhari said a key factor that investors need to take into account is that the risk premium in both public and private Chinese assets have gone up given geopolitical issues, as well as the country's nominal growth which has"collapsed.
But these will only be in small pockets, she reaffirmed. Additionally, capitulation in China has only happened at the sentiment level, but not at the flows level where it's looking"like a screaming buy," she surmised. Capitulation generally means a point at which investors sell their assets out of fear.
"So I think it will take a while for even any upside, and [for] some of the select pockets that [will] look encouraging to us."
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