What Kardan does

Kardan N.V. is a Dutch-domiciled, Tel Aviv-listed holding company (ticker KRNV) that operates a single remaining business line: real estate development and asset management in China through its wholly-owned subsidiary Kardan Land China (KLC). The company previously diversified across water infrastructure (Tahal Group, deconsolidated in 2023) and other geographies, but has progressively narrowed its perimeter to focus on Tier 2 and Tier 3 Chinese cities, with reported presence in Shenyang, Xi'an, Changzhou, and Dalian.

Kardan's principal asset is the Europark Dalian mixed-use complex in Dalian's Donggang district, which combines the 104,000-square-meter, five-level Galleria Dalian shopping mall (opened August 2015) with integrated residential and small-office components. Beyond Dalian, KLC is developing five residential projects with local Chinese partners representing more than 15,000 units under construction. The company monetizes through two main revenue streams: recurring rental and property management income from the Galleria Dalian shopping center (retail tenants), and one-time residential unit sales to individual buyers across its Tier 2/Tier 3 pipeline. Sales and leasing are conducted via direct negotiation with no publicly disclosed pricing.

Kardan is governed from Amsterdam (registered office at De Cuserstraat 85B) and operated through a Beijing subsidiary office; it delisted from Euronext Amsterdam in August 2020 and now trades only on TASE's preservation list, with a potential cessation of trading in June 2026 if main-list conditions are not met. The group has executed two debt settlements with debenture holders (June 2022 and December 2024) and remains restricted from dividend distributions until debentures are fully repaid, signaling balance-sheet stress even as 2024 basic EPS of 2.68 EUR marked a turnaround from -1.67 EUR in 2023.

Name

Kardan

Legal name

Kardan N.V.

Website

https://kardan.nl

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Kardan N.V. is a Dutch-domiciled, Tel Aviv-listed holding company that operates through subsidiary Kardan Land China (KLC) to develop and manage mixed-use real estate—including the Galleria Dalian shopping center and over 15,000 residential units under construction—in Chinese Tier 2 and Tier 3 cities.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Lessors of Real Estate (5311)

SIC

Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Mixed-Use Property Management (BPAJAGAE)

akta.pro secondary industry

Multifamily (Apartment) Property Management (BPAJAGAD)

Keywords

• Real estate development
• Shopping center operations
• Mixed-use properties
• Residential apartments
• Commercial property investment

Headquarters

HQ city

Amsterdam

HQ country

Netherlands

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Infrastructure, Others

Revenue model

1. Shopping Center Operations: KLC owns and operates shopping center Galleria Dalian, generating revenue from retail tenants and property management.
2. Residential Property Development: KLC develops residential apartments, mainly with local partners, in fast-growing Tier 2 and Tier 3 Chinese cities such as Xi'an, Shenyang and Changzhou, driven by urbanization trends.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Kardan, through its wholly-owned subsidiary Kardan Land China (KLC), develops and manages mixed-use real estate in China. The core offerings consist of operating the Galleria Dalian shopping mall within the Europark Dalian complex (over 100,000 sqm of retail space across five levels) and developing residential apartments in fast-growing Tier 2 and Tier 3 cities including Xi'an, Shenyang, and Changzhou, with over 15,000 residential units under construction across five projects.

Product overview

Kardan is a real estate investment and development company focused on China through its subsidiary Kardan Land China (KLC). The company's product portfolio consists of three main offerings: (1) Galleria Dalian, a premier European-style shopping mall within the Europark Dalian complex spanning 104,000+ square meters across five levels; (2) Europark Dalian, a large-scale mixed-use development integrating retail and residential components; and (3) residential apartment projects in Tier 2 and Tier 3 Chinese cities (Xi'an, Shenyang, Changzhou) developed with local partners, with over 15,000 units currently under construction across five projects.

Differentiator

Problem solved

Functional benefit

Products and services

• Galleria Dalian A premier European-style shopping destination located within the Europark Dalian complex in China's Donggang district. The mall spans approximately 104,000 square meters across five levels with over 100,000 square meters of retail space, serving commercial tenants and shoppers in Dalian.
• Europark Dalian Mixed-Use Complex A large-scale mixed-use development project in Dalian, China, featuring the Galleria shopping center integrated with residential apartments and small office units within the Donggang district.
• Residential Apartments in Tier 2 and Tier 3 Chinese Cities Residential apartment developments constructed mainly with local partners in fast-growing Chinese Tier 2 and Tier 3 cities including Xi'an, Shenyang, and Changzhou. Five projects are under development representing over 15,000 residential units under construction, addressing housing demand driven by urbanization.

Quantifiable outcome

• Over 15,000 residential units under construction across four cities
• +1 more outcomes

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Local Chinese Partners (Xi'an, Shenyang, Changzhou)coreStrategic or Co-development PartnerKLC develops residential apartments mainly with local partners in fast-growing Tier 2 and Tier 3 cities including Xi'an, Shenyang, and Changzhou, tapping into housing demand driven by urbanization. These partnerships combine international expertise with local market knowledge.

Scale indicators5 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• CapitaLand Investment: Singapore-listed Asian real estate group with diversified mixed-use development and fund management across Asia. Comparable in being a publicly-listed Asian mixed-use operator with international branding and integrated retail/residential portfolios.
• Greenland Holdings: Chinese state-owned developer with large-scale mixed-use and residential projects across Tier 1-3 cities. Comparable diversified incumbent to Kardan's Chinese real estate operations.
• China Vanke: Large diversified Chinese state-linked developer with mixed residential, commercial, and property-services operations across Tier 1-3 cities. Broader incumbent comparable to Kardan's full-stack real-estate activities in China.

Direct peers

• Longfor Group: Major Chinese mixed-use developer combining large-scale residential development with commercial property operations across multiple cities. Closely comparable to Kardan's KLC mixed-use model with shopping-center-plus-residential complexes.
• Plaza Centers N.V. European-Israeli emerging-market shopping center developer with very similar structure to Kardan — develops and operates retail malls in Tier 2/3 cities. Notably, David Dekel (Kardan board member) is also Chairman of Plaza Centers, making it the closest structural and strategic comparable.
• R&F Properties: Chinese developer with residential and commercial property exposure across multiple cities, including Tier 2/3 markets. Comparable Chinese mixed-use/residential developer to Kardan's KLC portfolio.
• Sunac China Holdings: Major Chinese developer with significant Tier 2/3 city residential exposure and mixed-use projects. Directly comparable to Kardan's residential pipeline in secondary Chinese cities, although at much greater scale.
• Logan Group Company: Chinese developer concentrated in Tier 2/3 cities in southern China, focused on residential urbanization-driven demand. Comparable to Kardan's residential development thesis in non-Tier-1 cities.
• Powerlong Real Estate: Chinese developer specializing in commercial complexes and mixed-use developments, with significant Tier 2/3 city exposure. Comparable to Kardan's Europark-style shopping-and-residential integration in non-Tier-1 cities.
• Country Garden Holdings: One of China's largest developers with heavy Tier 2/3 city exposure and urbanization-driven residential pipeline. Comparable to Kardan's residential development model in fast-growing Chinese secondary cities, though at vastly larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kardan