China's economic model is 'washed up on the beach' and it's not going to bounce back, veteran investor says

• Veteran investor David Roche told CNBC that China's economic model is "washed up on the beach."
• He doesn't anticipate it to bounce back as it deals with deflation, slowing growth, and other economic snags.
• He noted that China's economy has a "huge number of legacy holes in it."

China's economy is facing a slate of obstacles ranging from a housing market slump to faltering trade, and veteran investor David Roche says the country's economic model won't be able to bounce back.