Survey on Real Estate and Stock Market Crashes in China During the Pandemic<br>—A Comparative Analysis of Information-Gathering and Investment Decisions in Beijing and Tianjin

The shocks of COVID-19 severely impacted China’s housing and equity markets, revealing deep information gaps. A survey of 115 respondents in Beijing (Tier 1) and Tianjin (generally classified as a Tier 2 city in terms of economic dynamism and information accessibility) showed that investors engaged in extensive information-seeking behaviors but exhibited significant distrust toward official channels and, retrospectively perceived inadequate information access. Widespread regret was observed: 81% indicated they would have changed past property choices; while 97% believed that better intelligence could have reduced stock losses. The majority of market participants have reduced their engagement in both markets. The evidence from the literature on Chinese market opacity suggests that inadequate disclosure practices and limited investor protection mechanisms are crisis accelerants. The restoration of public confidence demands fuller transparency, stronger safeguards, and wide-reaching financial education.