Kardan N.V. is a Netherlands-based holding and investment Company. The Company operates through its subsidiaries. Operations divide between international and the Israeli markets. International Operations fall under Kardan Financial services B.V., Tahal Group International B.V. and GTC Holdings. Israeli Operations fall under Kardan Israel Ltd. The Company operates real estate investments, banking and insurance services based in Central and Eastern European markets. In Israel, the Group is active in real estate, financial services, automotive services, consumer goods, communication, and technology sectors. In 2007, the Company, through its subsidiary, GTC RE, started to develop a shopping mall in Chengdu, China. As of July 2008, the Company won a bid for two turn-key projects in the south Sahara area and bought a land in Hangzhou, China for development. As of August 2008, the Company completed its turn-key water project in Guyana. 

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KARDAN: NEGATIVE RESULTS IN NINE MONTHS 2009
 

Loss of EUR 12 million in Q3 2009 mainly due to negative revaluation results in CEE Real Estate and credit losses in banking activities 
CEE Real Estate activities: Significantly higher revenues from yielding properties and sales of residential units
China Real Estate: continued increase in apartment sales in 9M 2009 compared to 9M 2008 (1,316 units versus 1,143)
Banking and Lending operating profit in 9M before credit losses substantially better  (EUR 41 million in 9M 2009 versus EUR 20 million in 9M 2008)
Insurance and Pension: capital gain on sale proves value creation ability 
Liquidity CEE Real Estate sufficient to fund  expansion if markets continue to improve 
9M 2009 results (Water)  infrastructure almost break even due to increased sales