Emerging markets expert: Why I’m bullish on China

We're not in a crisis: Pro

There is one reason to be bullish on China despite its recent downturn, Andres Garcia-Amaya said Thursday: Real estate.

"China's real estate is starting to find a bottom. If you remember, the whole bear case for China was this collapse in real estate. They've had three months in a row of upticks in prices," J.P. Morgan Asset Management's emerging market analyst told CNBC's "Fast Money: Halftime Report."

"If you continue to see that, the bears are going to have less legs to stand on," he said.

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China's benchmark Shanghai Composite gained 3 percent overnight, but remained more than 0 percent lower in the last three months.

Garcia-Amaya also said he is optimistic about another emerging market: Russia.

"Russia actually our biggest overweight," he said. "It's one of the few markets that is up year to date and … with all the issues it has, it's still trading at 4 1/2 times price-to earnings [and] the yield is 5 percent. You rarely see something in which the P/E is lower than the dividend yield."

"So either Russia's going bust, or there's a lot more upside and we think there's a lot more upside," Garcia-Amaya added.