China's population

China Everbright enters elderly care business by acquiring Beijing based Huichen

PUBLISHED : Friday, 13 May, 2016, 8:55pm
UPDATED : Friday, 13 May, 2016, 8:55pm

China Everbright Limited (CEL), a Hong Kong listed conglomerate, has acquired a 67.27 per cent stake in Beijing Huichen Nursing Home Management Co., a leading elderly health care services provider in China, the company announced on Friday.

CEL did not disclose the deal value, but said after the acquisition, it would maintain the stability of the Huichen management team and take part in the company’s operations and management.

Established in 2007, Huichen provides services including elderly health care, geriatric treatment, rehabilitation and community services.

The company currently operates six apartment complexes for the elderly and one daily management centre with over 3,000 beds, serving more than 10,000 senior citizens.

Chen Shuang, CEO of China Everbright Limited, said, “with this acquisition, CEL enters the elderly health care business which shows great potential and prospects.”

“We see huge opportunities with the government policies supporting the development of the Chinese elderly care industry, and the growing ageing population in China,” he said.

China’s ageing population is growing rapidly, leading to an urgent need to enhance and improve services for the elderly community.

US media the Atlantic estimates the number of Chinese people older than 65 is expected to rise from roughly 100 million in 2005 to more than 329 million in 2050—more than the combined populations of Germany, Japan, France, and Britain.