Properties developer Chuang's China Investments has warned investors to exercise caution in dealing in its shares. It pointed out the closing price of 69 cents on September 15 - the last trading day - represented a price earnings ratio of 76.7 times for the year to March. It said its shares had surged 74 per cent to 69 cents within 10 days, a 7.8 per cent premium to the net asset value of 64 cents a share.