Soho China saw net profit drop 47% in the second half as the property developer shifted towards renting out properties, Reuters reported. Soho China’s net profit for July to December last year was US$862 million (RMB5.3 billion), according to Reuters’ calculations based on full-year results released on Tuesday. Soho China announced in 2012 it was changing its business model to build-and-hold from build-and-sell in order to maintain a more stable income stream from rents rather than property sales. In the statement, the developer also expressed concern about rising land prices in China, which it said was squeezing margins.