The covid-19 pandemic has had a devastating effect on the share price of property companies, with 31% wiped off the value of their total market capitalisation during the first quarter of 2020. Companies focused on the retail, leisure and hospitality property sectors were particularly badly affected as the country was put on lockdown in an effort to halt the spread of the disease. Later in the quarter, the extent of the problem for property companies was revealed with rent collection announcements. Some retail-focused companies had collected below 50% of rent and service charge during the quarter.
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