Chinese banks are cheap. This is a truth universally acknowledged. But it is also well known that there are good reasons for them to command a low multiple. China’s economy is slowing down; the property and credit cycles are both reaching the point where a true bust looks possible; corporate governance is horrible and involves placing blind faith in China’s Communist party.
中國銀行股很便宜，這是一個舉世公認的事實。但同樣眾所周知的是，這些股票的估值倍數低是有充足理由的。中國經濟增長正在放緩；房地產周期和信貸周期都在接近一個臨界點，屆時可能發生真正意義上的崩盤；公司治理一塌糊涂，并且涉及要對中共抱以盲信。
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