(ECNS) -- Nearly 40 percent of A-share listed companies in China would find it hard to afford a luxury apartment in the country's leading cities with their annual profits in 2015, Securities Times reports.
The full year net profit of 46 out of 412 listed companies was reported to be less than 15 million yuan ($2.2 million) last year, while many apartments in Shanghai, Beijing, and Shenzhen have been priced higher, the paper said.
The 2014 annual report also showed that 494 listed companies, which accounted for 17.53 percent of the total 2,818, earned less than 15 million yuan, and 1,065 listed companies earned less than 55 million yuan, while an apartment in Shenzhen Bay I is now worth exactly this price.
Compared to the sluggish stock market, the property equivalent has been in full swing across first-tier cities like Beijing, Shanghai and Shenzhen since the Spring Festival (Feb. 14-20).
In Beijing, there were more than 6,000 second-hand housing transactions in the first week after Spring Festival, the best since 2010.
A new building with each apartment worth nearly 10 million yuan sold out 350 units in just one day on Feb. 21.
