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Eldercare market promising
Print Edition
PERENNIAL Real Estate Holdings Ltd agreed to acquire 49.9 percent of Shanghai RST Chinese Medical Co Ltd for 735.5 million yuan (US$110 million), as the Singapore-based integrated real estate and health care company eyes China’s eldercare market.
On completion of the investment, the Singapore-listed firm will become the single largest shareholder of Renshoutang, one of the largest privately-held eldercare firms in Shanghai. The Chinese firm runs retirement, nursing and rehabilitation homes, hospitals, daycare centers, pharmacies and traditional Chinese medicine clinics.
China faces a severe shortage of elder care facilities, said the Social Service Development Statistical Communique 2015 released earlier by the Ministry of Civil Affairs.
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