Paulson nursing losses of 18pc on Chinese investment
JOHN Paulson, the man who made a hugely successful bet on the US sub-prime market, is now nursing losses on investment in China, new figures show.
Paulson lost 11pc in his biggest fund in June alone, according to an investor, as the firm sold off Sino-Forest Corporation after a short-seller's allegations. The drop left Paulson's Advantage Plus Fund, which uses strategies designed to profit from corporate events such as takeovers and bankruptcies, down 18pc this year, said a client, who asked not to be named.
Paulson & Co sold the entire stake in Sino-Forest, which is based in Hong Kong and Mississauga, Ontario, as of June 17.