Soho China (0410) said net profit tumbled by 64 percent year-on-year in the first half to 204 million yuan (HK$228.9 million).
The group did not declare a dividend.
Revenue surged by 63 percent to 1.45 billion yuan. The rental income fell by 12 percent to 782 million yuan. As of the end June, the average occupancy rate of stable investment properties was around 78 percent, down by 12 percentage points.
Valuation gains on investment properties were nil, mainly due to the absence of projects under development. Valuation gains on investment properties were 553 million yuan in the same period of 2019.
The group said the net absorption improved in the second quarter of this year, compared with the first quarter, and cumulative rental demand from the end of 2019 and the first quarter of 2020 began to show positive results in the latter half of the second quarter.
Average rent of Soho China’s mature properties remained stable; although the average occupancy declined during the pandemic, it has recently begun to pick up.
