I have been reading the posts in 投资理财 and 大千股坛.  There are a lot of posts that are very interesting in both forums, but I like the posts in 投资理财 better.  

My impression about the posts in 大千股坛 is that most posts are talking about very short-term investments, quite of them are day trading or short term trading, which generally I would label the activity as 炒股.  It has been proven that 99% day-traders lose money and will last about 2 to 3 years.  So there is no asset allocation there.  

The reason that I like the posts in 投资理财 is the long-term investment in real estate.  Most posts are talking about buying, fixing, and renting the houses and condos and how to be a landlord.  So far, I have not read any posts regarding short term real estate investment which we call it 'Flipping' to capture the appreciation of the real estate, except one reply regarding leveraging buying condos in 深圳 and 多伦多 for the appreciation.  

Come back to the topic of asset allocation, I don't think that I can convince the people in 大千股坛 not to do day trading and buy some properties, or vice versa, to the people in 投资理财 to invest more in stock to balance out their real estate portfolio.  

If the goal of these investments is for retirement, not a business.  I would say that it is better to keep stock and real estate at 50/50 split for the people around 50s or 60s.  Of course, the percentage should be age or risk tolerance based.  In this allocation, we basically use the real estate as a bond portion since it is less volatile and produce a steady income, but less liquid.  The equity portion will give you a better return and is very liquid, but volatile.

http://blog.wenxuecity.com/myblog/72332/201712/14092.html

Once your asset reaches to a certain level, then the allocation should be more diversified, precious metals, farm land, paintings, jewelry, cars, antiques, etc.  This will be a different topic for discussion.