China's economy is 'circling the drain' and you can't make money investing in a totalitarian government, investment chief says

• China's economy is "circling the drain" and investors can't make money in the long-term there, Hayman Capital's Kyle Bass said.
• The investment chief pointed to China's weak real estate and offshore bond market. 
• "What I'm trying to remind everyone is you don't make anything investing in a totalitarian government over a long period of time."

The founder and chief investment officer of Hayman Capital Management isn't bullish on China, and economic and political reasons underpin his long-term bearish outlook on the world's second-largest economy.