Headquartered in Shanghai, Shui On Land (Stock Code: 272) is a leading commercial property focused developer, owner and asset manager in China. It has a proven track record in developing large scale, mixed-use, sustainable communities, and is the flagship property development company of the Shui On Group. As of 30 June 2020, the Company has 11 projects in various stages of development and 2 projects under management in prime locations of major cities, with a landbank of 9.0 million sq.m. (6.8 million sq.m. of leasable and saleable GFA, and 2.2 million sq.m. of clubhouses, car parking spaces and other facilities). It is also one of the largest private commercial property owners and managers in Shanghai, with a total portfolio of 1.68 million sq.m. of office and retail premises, including its flagship Shanghai Xintiandi, which is currently under its management.To get more shui on land news, you can visit shine news official website.

The Company was listed on the Hong Kong Stock Exchange on October 4, 2006, being the largest Chinese real estate enterprise listed that year. Shui On Land is a constituent stock of the Hang Seng Composite Index, HSCI Composite Industry Index - Properties & Construction, Hang Seng Composite LargeCap & MidCap Indices as well as the Hang Seng Stock Connect HK Index.
Against the backdrop of the COVID-19 crisis, the Group's financial results in the first six months of 2020 has been severely affected. The Group recorded a net loss of RMB1,622 million attributable to shareholders during the period primarily due to:

A decline in the fair value of the Group's investment properties and other property assets of approximately RMB1,962 million;
Lower leasing income due to, among other factors, the Group's waiver of rental and other reliefs to its tenants owing to the disruption of their businesses by the COVID-19 outbreak;
Delay in the construction and handover of residential units to homebuyers due to the COVID-19 outbreak.
Notwithstanding the above, the balance sheet and cashflow conditions of the Group remained substantively stable. The net gearing ratio of the Group was 58% as of 30 June 2020, as compared to 52% as of 31 December 2019. The increase in net gearing is largely attributable to the repayment of the Company's USD225 million convertible perpetual capital securities ("CPCS") during the period. As the CPCS was classified as equity, the repayment by means of non-equity funding resulted in a 6% increase in net gearing.
The outbreak of COVID-19 in late 2019 and corresponding government responses to manage the pandemic has resulted in severe disruptions to global economic activity, with the spillover effects of such measures having a significant impact on our industry and the Group's businesses. The significance of its impact can be seen in our 2020 Interim Results.

The pandemic has created havoc in countries across the globe, causing an unprecedented economic, social and health crisis. Global economies, which were already experiencing imbalances even prior to the pandemic, further weakened as a result of the outbreak. While progressive actions have been taken to limit the impact of the virus, the path to full recovery is expected to be long and painful. The necessary social distancing measures implemented are likely to prevail for the near future, which will create further knock-on impacts on the economy.

Business activities across the board came almost to a standstill in the first quarter of 2020, with the restrictions on commercial activities severely affecting retail malls. Naturally, our retail properties including the Xintiandi developments were not spared. Virtually all of the retail shops in our portfolio had to close in February and were only gradually re-opened in March. Wuhan city, where the COIVD-19 virus first broke out in China, was fully locked down until early April. While commercial activities have started to recover since the second quarter, we are still quite some way from fully returning to the norm.