Shui On Land (00272) has released its interim results, reporting a significant rise in profit attributable to shareholders to RMB 223 million for the first half of 2026, marking a 337% increase year-on-year.

Despite a challenging operating environment, the group recorded a core profit of RMB 403 million for the period, up 53% compared to the same period last year, partly supported by prudent cost management and steady rental income growth.

Total rental and related income, including contributions from joint ventures and associates, grew 4% year-on-year to RMB 1.856 billion in the first half of 2026. This performance was driven by the stable showing of its established Shanghai property portfolio, along with additional contributions from the openings of "Xintiandi Style" and Wuhan's "INNO Park" in 2025.

Sales and foot traffic continued to show robust momentum, recording year-on-year growth of 20% and 17%, respectively.

As of August 26, 2026, the group has repaid a cumulative total of RMB 51.5 billion in offshore debt since 2021, including the full redemption of USD 400 million in senior notes during the first half of 2026. The group also successfully issued USD 450 million in senior notes due 2029, reflecting its solid credibility among investors.

The net debt-to-equity ratio edged up to 56% as of June 30, 2026.

The company was named one of TIME's "Most Influential Companies" in 2026, becoming the first and only real estate firm in China to receive this accolade. The honour underscores the standing of its "Xintiandi Community" as a global benchmark for urban development.

At the project level, Hong Shou Fang's heritage-led regeneration and placemaking efforts were recognised with the Urban Land Institute's "2026 Asia Pacific Excellence Award".

In celebration of the group's 20th anniversary of listing on the Main Board of The Stock Exchange of Hong Kong Limited, and in light of its financial performance during the period, the board has resolved to declare a special dividend of HK$0.04 per share.