KC Lee backs HK and China but is cautious over Korea

Fidelity South East Asia manager KC lee is continuing his long-term stance of favouring Kong Kong over China. Lee remains underweight in Korea as a result of the rapid rise in household credit which has almost doubled in three years. This has resulted in strong growth in the economy, Lee believes, but represents borrowed prosperity. John Ross, senior global strategist at Fidelity, said: 'He does not rule out structural changes in the spending behaviour of Koreans, who in the past have saved a large part of their incomes, but he believes the economy will inevitably slow down because thi...