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Daniel Whitford currently practices his craft at a small studio called Lucky Lasagna. Alywin Chew / China Daily

Daniel Whitford isn't afraid to say that he's a broke foreigner in Shanghai.

Dada works in tandem with brick-and-mortar stores, helping them to market, sell and deliver products. To make O2O shopping the new normal, the company has teamed up with leading retail chains such as 7Fresh and G-Super to hand out coupons worth 20 million yuan in Shanghai.

David McCormick, co-CEO of Bridgewater Associates LP, said the company has an extensive history in China, as a result of having been deeply involved in and studying the evolution of its economy and markets for more than 30 years.

Data in the public domain showed that residential property developers have been facing a sales standstill for a couple of months. In most cities, both new and pre-owned home transaction volumes tumbled more than 90 percent year-on-year from Jan 24 to Feb 19 compared to figures of the same lunar period of last year. It was on Jan 23 that Wuhan, capital of Hubei province and the first epicenter of the epidemic, went into a peaceful lockdown. Some of the developers have reported nil deals since then.