Shui On Land Limited released its interim report for the first half of 2025, highlighting several key financial metrics amid ongoing challenges in the China property sector. The Group recorded a profit of RMB81 million for the first six months of 2025, with RMB51 million attributable to shareholders. Total rental and related income, including joint ventures and associates, experienced modest growth, increasing to RMB1,781 million. The retail portfolio saw a 10.5% increase in both retail sales and shopper traffic compared to the same period in 2024. The company's net gearing ratio remained stable at 51% as of 30 June 2025, while cash and bank deposits totaled RMB5,500 million. The Group's net debt decreased by 9% to just over RMB20.2 billion. Additionally, Shui On Land fully repaid USD490 million in senior notes in March 2025 and has repaid offshore debt totaling RMB46.2 billion by 27 August 2025. Despite a subdued market influenced by increased trade tensions and geopolitical uncertainty, Shui On Land's commercial properties segment demonstrated resilience, benefiting from consumer support.