Equity funds hit by crash

The Chinese stock market crash since the peak in October 2007 has wiped out about half the net asset value of the equity funds that were once the de facto safe haven for many thousands of small investors.

The combined assets of 364 funds managed by 59 fund management companies fell 1.08 trillion yuan in the first six months of 2008, compared with a surplus of more than 1 trillion yuan at the end of 2007, according to figures compiled by TX Investment Consulting Co based on companies' interim reports.