Fund buys property stocks at cheapest level in 7 years

KUALA LUMPUR: Malaysia’s top-performing fund is buying the nation's property companies after a slump in shares left valuations at their cheapest level in at least seven years relative to global peers.

Eastspring Investments Bhd has started “nibbling” on some of the stocks that have been beaten down on the prospect the real-estate industry will eventually recover, Chen Fan Fai, the Kuala Lumpur-based chief investment officer, said in an interview.