Out of the 59 listed property enterprises that have already published annual reports for 2015, 30 companies saw a year-on-year decline in profits, and eight even lost money, according to those reports.

Beijing-based Vantone Real Estate, for example, suffered from a 1,458 percent total loss last year. At the same time, Chixia Development, headquartered in Nanjing, enjoyed a 1,338.13 percent increase in net returns.

Although its sales volume grew by 53.1 percent, the most significant growth in 2015, Evergrande Real Estate Group had only a 7.9 percent net profit due to expansion. That figure is 17 percent lower than in the previous year.

Another property mogul, Country Garden, witnessed a 3.97 percent drop in net profit, despite the fact that the total amount brought in by sales and the total surface area sold increased by 7.1 percent and 10.7 percent respectively.

Statistics compiled by Centaline Property, a Hong Kong-based real estate agency, indicate that the total revenue of listed companies in 2015 reached 510.12 billion yuan ($78.76 billion), a 24.77 percent increase from the previous year. However, their average net margin dropped from 10.5 percent in 2014 to 9.4 percent in 2015.

For property giants including Vanke, Country Garden, Wanda and Evergrande, there is a clear advantage in their large size. Vanke’s annual report shows that its annual sales exceeded 260 billion yuan in 2015, and those sales were accompanied by a 15 percent growth in net returns.

As for slightly smaller companies, whose sales range from 30 to 90 billion yuan, both business growth and quality are top priorities. Shimao Property announced a contract volume of over 67 billlion yuan in its 2015 annual report. Its gross margin ratio was 25.8 percent. Xu Rongmao, the chairman of Shimao Property, pledged that the company will maintain prudent operations and finances.

“Against the backdrop of shrinking profits, property developers are transforming their businesses to seek projects and industries with higher profits,” said Yan Yuejin, Research Director of the E-House China think tank.

Shimao Property’s annual report shows that the company has strengthened management in investment properties, and also dabbled in education.

Some real estate groups are also eyeing the finance sector. Evergrande recently launched a new financial service, and its profit for the year may reach 10 percent.