Retail giant Carrefour is reported to be under pressure from its investors to sell its operations in emerging markets like China.

According to a report in French newspaper Le Monde, Carrefour's largest investors - Colony Capital and Bernard Arnault - want management to sell stores in Asia and South America after the company's stock fell by 30% in the last two years.

However, analysts fear the move would limit the retailer's potential for future revenue growth, both in the short term and further ahead.

In fiscal 2008, Latin America accounted for 12% of operating profit and Asia accounted for 8.5%. Sales in these regions increased to 26% and 11% respectively.

Sales in the company's domestic market increased a sluggish 1%. However, France still accounts for 44% of total revenue.