So what do people do when they are too scared to invest in the stock market?
Well the indices are backing up word of mouth evidence that money is going into housing and gold instead.
Compare for example 12 month Shanghai stock index from Bloomberg:
with the Shanghai property price direction and latest comment from Bloomberg:
Overall house prices in major cities in Shenzhen and Shanghai have risen in some cases up to 50% year on year (Shenzhen rise, equivalent to 3.4% monthly, Shanghai catching up).