According to the 2020 semi-annual report released by China Fortune Land Development (CFLD) on Aug. 28, the company achieved 37.37 billion yuan in revenue for the first half of the year, with more than 60% coming from areas outside the wider Beijing region. 

During this period, the company achieved net profit of 6.06 billion yuan attributable to equity holders of the parent company, at a profit rate of 16.2%. In addition, the company’s debt-to-asset ratio hit 83.1%, a year-on-year decrease of 5 percentage points.

CFLD is committed to its core metropolitan areas strategy with a pattern of "3 + 3 + N", which includes the Beijing-Tianjin-Hebei province cluster, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, as well as Zhengzhou, Wuhan and Chengdu. It also implements key strategies for commercial properties and related businesses in urban and core areas. 

Revenue from outside the greater Beijing region increased to 62.4% this year from 38.5% in the same period last year. Meanwhile, the area of land acquired outside the capital accounted for 77.3%.

By the end of the reporting period, the cash collection rate had risen to 72.5%, compared with 61.6% during the same period last year. 

Despite an increase of 2.7 billion yuan in land payment compared with 2019, CFLD's overall cash outflow from operating activities decreased by 2 billion yuan.

Following the strategy of "new models, new fields and new regions," CFLD has achieved breakthroughs in commercial properties, public housing, healthcare facilities, and scientific communities.

In the first half of 2020, the company acquired the Bai’etan project in Guangzhou, which is the first large-scale commercial office building project in the Guangdong-Hong Kong-Macao Greater Bay Area. It also won the bid to construct China Merchants Bank's global headquarters building, the representative project under the "asset-light" model, and also the land rearrangement integrated service project of Weiyuan Island in Guangdong province. Till now, CFLD has been selected by nine projects as upfront work service provider. The company has also participated in the World Laureates Association Shanghai Center project. 

In addition, CFLD is actively providing services for and establishing strategic cooperation partnerships with listed companies in New Industry Cities, helping key enterprises to list on the sci-tech innovation board, and providing capital support for listed or pre-listed companies.

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