Property developers face uphill battle

China's property developers face an uphill battle as home sales continue to decline and profits dwindle.

Among the 117 developers listed on the Shanghai and Shenzhen stock exchanges, 61 posted shrinking profits or even losses for the first three months, according to statistics compiled by Centaline Property Agency Ltd.

Total net profits of the 117 developers stood at 9.65 billion yuan ($1.55 billion) for the first quarter, down 27 percent from the same period last year, the data showed.