In 2021 fourth quarter, respondents to the Cheung Kong Investor Sentiment Survey remained conservative in expectations for China's A-shares with 60.2 percent of the respondents believing that A-shares will rise in the next 12 months, a decrease of 0.8 percentage points from the 2021 third-quarter survey and a decrease of 7.3 percentage points from the same period last year.
Respondents also lowered their expectations for real estate compared to late 2020. 55.9 percent of respondents believe that housing prices in first- and second-tier cities will rise in the next 12 months, 13.5 percentage points lower than the survey at the end of 2020. The expected return on home prices is 1.4 percent, 2.2 percentage points lower than the end of 2020.
Respondents’ conservative sentiment toward the market may come from concerns about long-term economic growth. Only 58.9 percent of respondents believe that GDP growth will exceed 5 percent during the next five years, a decrease of 3.
