Greentown Management (HKG:9979) expects net profit attributable to shareholders for the six months ended June 30 to decline by about 40% to 50% from 501 million yuan a year earlier, according to an Aug. 8 Hong Kong bourse filing.

Shares of the property management firm were down over 5% in Monday late-morning trade.

The decrease was mainly due to intensified competition in the project management sector, the lingering effects of a real estate market downturn, and reduced overall project revenue, the filing said.