Kardan Land started its real estate activities in China in 2005, initially focusing solely on developing residential apartments in the fast growing Tier 2 and Tier 3 cities (Xi'an, Shenyang, Changzhou), tapping into the need for housing due to the urbanization. The first steps in this new market were made with a local partner (50% stake). Since Kardan Land China's initiation, nearly 18,750 apartments have been sold, and the company has rights and land to develop another 11,150. Currently, the focus of Kardan Land China is predominantly on the development of mixed-use projects, combining shopping centers with residential and small office apartments. In November 2010, the first stand-alone retail centre, Galleria Chengdu, was opened and since has gained a strong reputation. Kardan Land sold Galleria Chengdu in two phases (of each 50%) to BlackRock, but continued as asset manager of the mall. The current large project ‘Europark’ in Dalian is a fully owned mixed-use project which comprises of two office towers (SOHO, almost fully sold out), one serviced apartment tower (sold to Frasers, opening in October 2017), two luxury apartment buildings that are currently under construction and - last but not least - Galleria Dalian: the next Galleria shopping mall with a net leasable area of 65,00 sqm. that opened end of the summer of 2015. Currently Kardan Land is looking into new opportunities to develop a portfolio of Galleria's that are similar to the one realized in Chengdu.