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China's Biggest Soy Sauce Maker Is Now Worth More Than Its Biggest Property Developer

Corrected

Foshan Haitian Flavouring & Food Co. has overtaken China’s largest-listed developer in market capitalization after adding more than 30% in value since the start of April. Haitian, the nation’s biggest soy sauce maker, has seen its valuation soar to nearly 52 times forward looking earnings as investors pile into consumer staples in search of refuge from the ongoing trade war. Meanwhile Chinese property stocks have cooled off as developers face a prolonged downturn from tougher financing and slower economic growth.