Invests in real-estate & water infrastructure.
Kardan enters 2026 with a mall that is still improving operationally, but with a debt, tax and holdco structure that keeps pushing asset value away from shareholders.
Galeria Dalian looks more stable operationally, but Kardan's equity is still blocked by a debt wall concentrated in 2026 and by a real tax layer between asset value and shareholder cash.
The RMB 792 million value of Galeria Dalian is an asset ceiling, not shareholder value. After a sale discount, secured bank debt, tax leakage and the holdco layer, what can actually remain for shareholders is much narrower.
