Date
21 October 2017

Taikang Life to build elderly homes in Hainan, paper says

Taikang Life Insurance Corp. Ltd. will invest 759 million yuan (US$125.145 million) to buy a 230-mu (15.33 hectares) land plot in Hainan province’s Sanya island to build a high-end elderly home, marking the fourth plot secured by the insurer following previous acquisitions in Beijing, Shanghai and Guangzhou for a similar purpose, the Beijing News reported Tuesday. According to Taikang, the Hainan facility will be connected to a luxury resort and could house up to 1,000 seniors. Elderly homes have become a popular choice for insurers to tap into fixed assets, as the China Insurance Regulatory Commission has banned insurance firms from directly investing in real estate projects, the report said.

– Contact HKEJ at [email protected]

EL/MY/CG

 

 

EJI Weekly Newsletter

Please click here to unsubscribe