China’s rapidly aging population is encouraging companies to invest in senior care facilities, with developer Vanke opening a large new development in Beijing this week, Caixin reports.
The 100-bed center, which opened Wednesday, is to be operated jointly by a subsidiary of Vanke and a state-run utility firm called Beijing Enterprises Group Co. It sits next to a Vanke serviced apartment block for the elderly.
Vanke has been eyeing the elderly care market since at least 2009, and rivals including China Poly Group and Sino-Ocean Group are also piling into the sector. China is graying rapidly due to the effects of the recently-abolished one-child policy. From 2010 to 2040, China’s population aged 60 or over will grow from 12% to 28%, according to United Nations data.