Weak economic data coming out of the US last year led investors to believe equities were overpriced, which triggered a move to defensive stocks such as property trusts.

• 刚出炉的美国去年经济数据表现很弱，这也使得投资者认为不动产的价值被高估了，而这又进一步使得证券业变成守势，比如实业信托基金。