seems like now theres a little bit more i guess investors in this market that are leaning towards the more reward side of china just given how pessimistic has been all youre on where do you see the risk and reward in china now john hang seng im not sure so sure about the reward aspect of chinese equities i think the us investors and the most offshore investors remain very cautious on the outlook of chinese economy especially the nearterm culvert strategy hasnt shown any material improvement in the economy is really slowing and the renminbi continued to weaken against the very strong dollar so we remain to be very pessimistic and cautious on the chinese outlook best said that we think the current environment is perfect for stock picking a stock picking so instead of focusing on just the overall broad stroke economy we try to identify investment opportunities one by one ok well where where would those investment opportunities and ideas be so im guessing its not a complete embargo on all things china exposure well i mean first of all we recommend that investors to play china with the multinationals with meaningful exposure to china for example tesla and marshall if we discuss that this befalling a program for the global production 30 im sorry more than 50 percent of the global production coming out of shanghai and more than 30 percent of the global shipment coming out of china demand and we see weakening of the new order flow and evey subsidy is going away beginning of next year and competition is coming up so we we believe there is some vulnerability into tesla and we think its a very interesting short idea yeah its interesting because most people would look at the sector as a sort of reopening player youre saying you know far from it well i mean first of all so yes so theres excess capacity in china in the evey sector over the past few years as a result of a very supportive regulation and policies and so you see many pure play now making five thousand ten thousand units a month and sell you know seven thousand cars those are not sustainable businesses and those play and those players will exit the market as competition catching up for example explain thats a company thats losing its edge in the competition and in that price range that x dominates about 200000 renminbi and plus the competition is really bad so and you know it has about a cash balance to sustain the operation for about a year but not much longer than that so we believe thats a very high risk business a high risk stock what do you think about the the value on offer in in property right now whether thats in credit or in the stock market well i mean if i remember correctly president xi mentioning it in his opening remarks at the 20th party congress he reemphasize properties and homes are for living not for speculate for investment so its pretty clear to me that deleverage campaign is not going to be reversed so what we see in the market is liquidity being pumped into the market and pumped into the economy and try to bail out the unfinished projects and after this washout as always will play a bigger role in a strategic sectors including a housing development so well really see much opportunities in you know country garden you know forget about ever grand we do believe that as only stocks probably will benefit after this cleansing