BEIJING - The Chinese stock market has hit its lowest level in seven months after the government's clampdown on the country's overheating property market, but it hardly seems to have eased investor concerns about market's high valuations.

Richard Lacaille, chief investment officer of State Street Global Advisor, told a recent press briefing that he is cautious on China's equity market because the valuations are more expensive than others.

"China's stocks in terms of valuations are a little bit more expensive although we are confident about the fundamentals of Chinese companies," he said.