Nearly half of China's listed companies may have suffered losses or profit decreases in the first six months of this year. The property sector is likely to see the most serious deterioration amid weaker economic growth, data showed.
According to statistics from Securities Times, a Chinese newspaper focusing on the capital market, 122 public companies are expected to see losses while 225 may have experienced slower profit growth from January to June.
Those 347 companies account for 41 percent of the total listed businesses on the Shanghai and Shenzhen stock exchanges.
The companies with weakened growth expectations are mainly from the sectors of mechanical equipment, electric power, metals and property, according to the data.
Analysts said it is unsurprising that net profit dropped fast in the first half because of the fast shrinking fixed-asset investment under tight real estate policies and weakening global market demand.
Among the 347 companies, 189?-- 54 percent?-- of them saw their share prices decline in the first half. Six companies suffered drops of more than 30 percent, the Securities Times statistics showed.
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