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Stay Away From Chinese Property: Fund Manager

While some have found safety in property investments, Chinese investors should stay away from the country's real estate sector, said Gary Sum, chairman & CEO at SwissCapital on CNBC.

"There are around 60 million vacant units of flats due to the selloff," he noted.

With expectations of interest rate hikes in China aimed at cooling the red hot property market, Sum added that would lead to renminbi depreciation pressures.

"That's why I'd say stay away from property," he said, especially in September.

Apart from the real estate sector, Sum said his company still has strong bets on China, namely in the consumption and financial sectors.

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