Over the summer, money managers turned markedly bullish on China .
Only a handful of hedge fund managers have put money to work shorting China.
It's tough to short China. Foreigners are barred from directly investing in Chinese companies. Shorting Chinese stocks, even for Chinese natives, is tricky. China only began allowing short selling this year. So China bears have to get creative to short markets there.
Most notable among the China shorts is Kynikos Associates founder Jim Chanos and Eclectica Asset Management founder Hugh Hendry. Chanos has been warning about excessive credit in China and the potential for a disruption in the housing market to spread to China's broader economy.