China Fortune Land Development (CFLD) recorded 37.37 billion yuan ($5.45 billion) in revenue in the first half of 2020, of which more than 60 percent was generated in regions outside Beijing-Tianjin-Hebei, according to the company's semi-annual report released on Aug 28.

CFLD achieved a net profit of 6.06 billion yuan attributable to shareholders of the parent company, or a net profit rate of 16.2 percent. The debt-to-asset ratio was 83.1 percent, down by five percent year on year.

Focused on core metropolitan areas, CFLD is devoted to becoming China's leading real estate investment development and operation management platform, and has established a "3+3+N" strategic pattern across the country.

The company's revenue generated from regions outside Beijing-Tianjin-Hebei, 77.3 percent of the company's total land holdings, increased from 38.5 percent to 62.4 percent from a year earlier.

At the end of the announcement period, the corporate payment collection rate rose to 72.5 percent from 61.6 percent compared to the same period last year. As its land payments increased by 2.7 billion yuan from last year, the company's overall net operating cash outflow decreased by 2 billion yuan.

Under the guidance of the strategy of "new model, new field, and new region", CFLD has made breakthroughs in many fields such as commercial complexes, public housing, health care, and scientific communities.

In the first half of 2020, CFLD saw the opening of the Guangzhou Bai'etan project, its first large-scale commercial office complex in the Guangdong-Hong Kong-Macao Greater Bay Area, and won the bid to act as the agent for construction of the China Merchants Bank's global headquarters building.

The company also participated in a government contiguous land acquisition and storage project for the first time, and won the bid for the Weiyuan Island land preparation integrated service project, in which it was selected as the pre-service provider for nine projects. In addition, it will participate in a project for a community for Shanghai's top scientists.

Adhering to its platform-oriented development, CFLD offers services for listed companies in new industrial cities and has formed strategic cooperation with some of such companies.

By working with enterprises in new industrial cities the company is committed to cultivating listed companies and assisting key enterprises to apply for listing on the sci-tech innovation board.

The company has also actively participated in establishment and introduction of government industrial guidance funds, providing capital support for listed as well as pre-IPO companies.

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