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Singapore firm bets on China鈥檚 eldercare market
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PERENNIAL Real Estate Holdings Ltd, an integrated real estate and healthcare company headquartered in Singapore, has agreed to acquire a 49.9 percent stake in Shanghai RST Chinese Medical Co Ltd for 735.5 million yuan (US$110 million), one of its latest moves to tap the country's rapidly growing eldercare market.
Upon the completion of the capital injection, the Singaporean company will become the single largest shareholder of Renshoutang, the largest privately-held eldercare firm in Shanghai whose operations have covered retirement, nursing and rehabilitation homes, hospitals, daycare centers, pharmacies as well as tradition Chinese medicine clinics.
"By investing in Renshoutang, one of the first eldercare service providers in China with over 15 years' operating expertise, we are confident to meet our target to become the largest eldercare service operator in the Yangtze River delta region in the next two to three years with an estimated portfolio of 50,000 beds," said Pua Seck Guan, chief executive officer of Perennial. "We will also expand our presence aggressively in first-tier cities and provincial capitals with an aim to become one of the dominant players in the country in probably three to five years' time."
Renshoutang, which currently operates 11 eldercare facilities under two brands with a combined 2,400 beds, has secured over 5,700 beds in its pipeline with another 16,000 beds under negotiation, according to Feng Qiang, chairman of Renshoutang.
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