Albany, NY -- (SBWire) -- 05/11/2015 --According to the UN standard (the elderly people aged over 60 accounting for 10% of total population or the elderly people over age 65 occupying 7% of total population in one region), China entered the aging society early in 1999. By the end of 2014, China's population aged over 60 reached 212 million, making up 15.3% of total population, and the people aged 65 and above hit 138.1 million, or 10.1% of total population.
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To deal with rapidly aging population, the Chinese government incorporated the issue of aging into the National 12th Five-Year Plan, and has introduced a number of favorable policies and laws & regulations from 2012, including the Opinion on Comprehensively Pushing Forward the Home-based Care Services, the Opinions on Accelerating the Development of Social Services for the Aged, the Guidance on Land for Old-age Service Facilities, and The Executive Opinion on Encouraging Private Capital to Participate in Old-age Service Industry Development.
By the end of 2014, the number of urban residents participating in the basic endowment insurance amounted to 341.15 million, a year-on-year addition of 18.97 million; elderly service institutions totaled 38,000, with 5.514 million beds, or 26.01 beds for per thousand elderly people.
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The Chinese aged care market is now worth about RMB4 trillion, and is expected to surge to RMB13 trillion by 2030. Propelled by the huge potential of the industry and multiple positive policies, local real estate developers, insurance companies, and diversified companies have expanded into endowment real estate, medical care, and pension finance fields, especially the endowment real estate market.
Real estate developer: represented by Vanke and Poly Real Estate, which both forayed into endowment real estate early. At present, Beijing Vanke has primarily selected 10 projects as community old-age care centers, totaling 87,030 square meters, and capable of providing nearly 3,000 beds. Poly Real Estate has planned or is building 7 old-age care real estate projects in 6 cities like Beijing, Shanghai, Guangzhou, and Chengdu, and will set up 50 "Hexihui" old-age care brand chains within next five to ten years.
Insurance Company: represented by Union Life and Taikang Life. Union Life built China's first old-age care community invested by an insurer, has finished its layout in old-age care industry in Wuhan, Shenyang, Nanning, Hefei, Jinan, Beijing, and Shanghai, and plans to develop 26 large old-age care communities nationwide within ten years.
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Taikang Life set foot in old-age care community field in 2009, and has planned and built old-age care communities in Beijing, Shanghai, Guangzhou, Sanya, and Suzhou. The company's first old-age care community- Taikang Community Old-Age Care Community Beijing Flagship is scheduled to be officially put into service in 2015. In addition, the company plans to invest 100 billion to build 15-20 old-age care communities across the country.
In addition, some foreign companies have started to enter Chinese endowment real estate industry via cooperation with local firms. For example, in Feb 2013, British PRP architects firm signed strategic cooperation agreement with Chongqing Jinyang Real Estate Development and Sichuan Chamber of Commerce to jointly develop old-age care industry demonstration base in Chongqing; in Dec 2014, Apple Hill Group officially announced to enter the Sichuan old-age care market, and to create retirement real estate projects with Guisen International Group.
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Compared with developed countries, the aged care industry has just started in China, with most of endowment real estate projects having not been completed and business model still being explored. However, within next three years, as old-age care real estate projects go into operation, business models of the aged care industry in China will grow clear, and the market size will expand rapidly.
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